TCRAP_Public/170606.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, June 6, 2017, Vol. 20, No. 111

                            Headlines


A U S T R A L I A

ACACHE PTY: Second Creditors' Meeting Set for June 12
MADISON AUSTRALIA: First Creditors' Meeting Set for June 14
MATCHPOINT TENNIS: First Creditors' Meeting Set for June 13
MELTON CONTRACTING: Second Creditors' Meeting Set for June 14
RICH RIVER: First Creditors' Meeting Set for June 14


C H I N A

CBAK ENERGY: Inks $9.6M Securities Purchase Pact with Investors
CHINA HUISHAN: Finds Cash Discrepancy Amid Likely Debt Revamp
HONG SENG: Fitch Assigns Final 'B' Rating to US$250MM Sr. Notes
SPI ENERGY: Falls Short of Nasdaq Minimum Bid Price Requirement
SPI ENERGY: Will Sell UK Solar Project to Capital Stage AG


H O N G  K O N G

LAI FUNG: Fitch Affirms BB- Long-Term IDR; Outlook Stable


I N D I A

ADAMS MARKETING: CRISIL Reaffirms 'D' Rating on INR21.5MM Loan
AEON MEDICAL: CRISIL Cuts Rating on INR3MM Cash Loan to 'B'
AIR INDIA: Debt Makes Selling Stake Difficult, Adviser Says
AMAR PLASTIC: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
AOV EXPORTS: CRISIL Lowers Rating on INR7.05MM Term Loan to B+

ASHOK BRICKS: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
ASTHA BEEJ: CRISIL Assigns 'B+' Rating to INR2.50MM Cash Loan
BARNALA STEEL: CRISIL Cuts INR60MM Cash Loan Rating to 'B'
BEENA METALS: CRISIL Lowers Rating on INR2.9MM Loan to 'B'
DELITE HI-TECH: CRISIL Reaffirms B+ Rating on INR5.5MM Loan

EMDET ENGINEERS: CRISIL Cuts Rating on INR10.15MM Term Loan to B
GCX LIMITED: Moody's Lowers Corporate Family Rating to B3
GUJRAL AND SONS: CRISIL Assigns 'D' Rating to INR6.5MM Cash Loan
HOTEL SUKHAMAYA: CRISIL Reaffirms B- Rating on INR4.25MM Loan
ILASAKAA STEELS: CRISIL Cuts Rating on INR29MM Cash Loan to 'B'

JAI MAAKALI: CRISIL Reaffirms 'D' Rating on INR9.5MM Cash Loan
JAY CONSTRUCTION: CRISIL Lowers Rating on INR9.5MM LT Loan to B
JOMSONS ENTERPRISES: CRISIL Cuts Rating on INR11MM Cash Loan to B
KMB TRADING: CRISIL Reaffirms 'D' Rating on INR12.72MM LT Loan
MAIMOON IMPEX: CRISIL Lowers Rating on INR6MM Cash Loan to 'B'

MANIPAL MEDIA: CRISIL Cuts Rating on INR15.96MM LT Loan to 'B'
MOONAK ISPAT: CRISIL Lowers Rating on INR5MM Cash Loan to 'B'
MY STORE: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
N SWARNA: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
NANDI COTTON: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating

P. D. SHAH: CRISIL Cuts Rating on INR25MM Cash Loan to 'B'
PATNA BAKHTIYARPUR: Ind-Ra Affirms 'D' Rating on INR7.3BB Loan
RABINDRA SURGICALS: CRISIL Cuts Rating on INR3MM Cash Loan to B
RAFFLES GREEN: CRISIL Raises Rating on INR4.95MM Term Loan to B-
RELIANCE COMMUNICATIONS: Fitch Cuts Long-Term IDRs to CCC

RIA HOTELS: Ind-Ra Affirms 'B+' Long-Term Issuer Rating
ROSE INDUSTRIES: CRISIL Assigns 'B' Rating to INR6MM Cash Loan
S P IRON: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
SATYAM SPINNERS: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
SCODA TUBES: Ind-Ra Assigns 'B' Long-Term Issuer Rating

SHREE HANUMAN: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
SHREE VAISHNAV: CRISIL Reaffirms D Rating on INR67.03MM Cash Loan
SHRI SHIV: CRISIL Reaffirms 'D' Rating on INR10.32MM LT Loan
SIVA FILLING: CRISIL Assigns B+ Rating to INR3.3MM LT Loan
SMART AGRO: CRISIL Assigns 'B' Rating to INR27MM Term Loan

SUSHITEX INDUSTRIES: CRISIL Reaffirms B+ Rating on INR18MM Loan
SWATI CONCAST: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
SWIZZER CERAMIC: CRISIL Raises Rating on INR21.5MM Loan to BB-
TEKNOFLOW GREEN: CRISIL Cuts Rating on INR9.50MM Loan to 'B'
TULI MOTORS: CRISIL Reaffirms 'B-' Rating on INR6.0MM Loan

VARDHMAN ISPAT: CRISIL Lowers Rating on INR15MM Cash Loan to B
VENUS GARMENTS: CRISIL Raises Rating on INR73.83MM Loan to B-
VOHRA SOLVEX: CRISIL Reaffirms 'B' Rating on INR9MM Cash Loan
YOUNG BRAND: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
ZURI HOTELS: CRISIL Lowers Rating on INR2MM Term Loan to 'B'


J A P A N

TOSHIBA CORP: Apple, Amazon to Back Foxconn on Chip Unit Bid


N E W  Z E A L A N D

O'NEILL EARTHMOVING: Former Director Ordered to Pay NZ$450,000


P A P U A  N E W  G U I N E A

PAPUA NEW GUINEA: Liquidity Pressures Drive Credit Risks


X X X X X X X X

* BOND PRICING: For the Week May 29 to June 2, 2017


                            - - - - -


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A U S T R A L I A
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ACACHE PTY: Second Creditors' Meeting Set for June 12
-----------------------------------------------------
A second meeting of creditors in the proceedings of Acache Pty
Ltd, Acache Capital Pty Ltd, Assemblus Pty Ltd, Association of
Executive Assistants Pty Ltd, and Ehcaca Pty Ltd has been set for
June 12, 2017, at 2:00 p.m. at the offices of Rodgers Reidy,
Level 9, 46 Edward Street, in Brisbane, Queensland.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 8, 2017, at 2:00 p.m.

David James Hambleton of Rodgers Reidy was appointed as
administrator of Acache Pty Ltd on May 8, 2017.


MADISON AUSTRALIA: First Creditors' Meeting Set for June 14
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Madison
Australia Pty. Ltd. will be held at the offices of PKF Melbourne,
Level 13, 440 Collins Street, in Melbourne, Australia, on
June 14, 2017, at 10:30 a.m.

Petr Vrsecky and Stirling Lindley Horne of PKF Melbourne were
appointed as administrators of Madison Australia on June 1, 2017.


MATCHPOINT TENNIS: First Creditors' Meeting Set for June 13
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Matchpoint
Tennis Operations Pty Ltd will be held at the offices of Worrells
Solvency & Forensic Accountants, Suite 1, Level 15, 9 Castlereagh
Street, in Sydney, New South Wales, on June 13, 2017, at
10:30 a.m.

Simon Cathro and Graeme Beattie of Worrells Solvency were
appointed as administrators of Matchpoint Tennis on June 1, 2017.


MELTON CONTRACTING: Second Creditors' Meeting Set for June 14
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Melton
Contracting Pty Ltd has been set for June 14, 2017, at 12:00 p.m.
at Equinox Building 4, Level 2, 70 Kent Street, in Deakin, ACT.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 13, 2017, at 4:00 p.m.

Timothy Gumbleton and Andrew Bowcher of RSM Australia Partners
were appointed as administrators of Melton Contracting on May 10,
2017.


RICH RIVER: First Creditors' Meeting Set for June 14
----------------------------------------------------
A first meeting of the creditors in the proceedings of Rich River
Developments Pty Ltd, trading as Rich River Holiday & Lifestyle
Village, will be held at the offices of Romanis Cant, 2nd floor,
106 Hardware St, in Melbourne, Victoria, on June 14, 2017, at
12:30 p.m.

Anthony Robert Cant and Renee Sarah Di Carlo of Romanis Cant were
appointed as administrators of Rich River on June 1, 2017.



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C H I N A
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CBAK ENERGY: Inks $9.6M Securities Purchase Pact with Investors
---------------------------------------------------------------
CBAK Energy Technology, Inc., entered into a securities purchase
agreement with certain investors, pursuant to which, the Company
agreed to issue an aggregate of 6,403,518 shares of common stock,
par value $0.001 per share of the Company to the investors, at a
purchase price of $1.50 per share, for an aggregate price of
$9,605,277.  The Securities Purchase Agreement, dated May 31,
2017, contains customary representations and warranties of the
investors.  The investors do not have registration rights with
respect to the Shares.

The issuance of the Shares to the investors was made in reliance
on the exemption provided by Section 4(a)(2) of the Securities
Act of 1933, as amended, for the offer and sale of securities not
involving a public offering, and Regulation S promulgated
thereunder.  None of the Shares have been registered under the
Act and neither may be offered or sold in the United States
absent registration or an applicable exemption from registration
requirements.  This current report on Form 8-K does not
constitute an offer to sell, or a solicitation of an offer to
buy, any security and shall not constitute an offer, solicitation
or sale in any jurisdiction in which such offering would be
unlawful.

                       About CBAK Energy

Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc., incorporated on Oct. 4, 1999, is a holding
company.  The Company and its subsidiaries are principally
engaged in the manufacture, commercialization and distribution of
a range of standard and customized lithium ion (Li-ion)
rechargeable batteries for use in an array of applications.  The
Company's products are sold to packing plants operated by third
parties primarily for use in mobile phones and other electronic
devices.  The Company conducts its manufacturing activities in
China.

China Bank is the first China-based lithium battery company
listed in the U.S., in January 2005 (NASDAQ: CBAK).

The Company's subsidiaries include China BAK Asia Holdings
Limited (BAK Asia), Dalian BAK Trading Co., Ltd. (Dalian BAK
Trading), and Dalian BAK Power Battery Co., Ltd. (Dalian BAK
Power). Dalian BAK Trading focuses on the wholesale of lithium
batteries and lithium batteries' materials, import and export
business, and related technology consulting services.  Dalian BAK
Power focuses on the development and manufacture of high-power
lithium batteries.

China BAK reported a net loss of US$12.65 million for the year
ended Sept. 30, 2016, following net profit of $15.87 million for
the year ended Sept. 30, 2015.  As of March 31, 2017, CBAK Energy
had US$97.30 million in total assets, US$86.45 million in total
liabilities and US$10.84 million in total shareholders' equity.

Centurion ZD CPA Limited, in Hong Kong, China, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Sept. 30, 2016, stating that the Company has a
working capital deficiency, accumulated deficit from recurring
net losses and significant short-term debt obligations maturing
in less than one year as of Sept. 30, 2016.  All these factors
raise substantial doubt about its ability to continue as a going
concern.


CHINA HUISHAN: Finds Cash Discrepancy Amid Likely Debt Revamp
-------------------------------------------------------------
South China Morning Post reports that China Huishan Dairy Holding
said in a statement on June 5 that it has found a discrepancy in
its cash position based on "incomplete" management accounts and
confirmation received from banks.

In a filing to the Hong Kong stock exchange, Huishan also said it
was in talks with its banks and creditors over a possible debt
restructuring, the Post relates.

According to the Post, the indebted dairy farmer from Shenyang,
in China's northeast Liaoning province, is facing a barrage of
mainland legal claims from creditors.

The Post relates that in the filing Huishan said it encountered
"tremendous difficulties" in preparing its management accounts,
in particular when it came to verifying financial information
with respect to its cash on hand, receivables, payables and
borrowings after the disappearance in March of Ge Kun, the
executive director who managed Huishan's treasury operations.

The Post says China's largest dairy farm operator said it wasn't
able to verify its financial position but said, based on
"incomplete" management accounts, its holdings of cash and cash
equivalents as of March 31, 2017 amounted to around
CNY2.9 billion (US$425.6 million). However, its banks confirmed
that they had only received a total of CNY467 million by May 31,
most of which were bank deposits. Huishan said was still trying
to clarify the "significant discrepancy".

Huishan also has debts totalling CNY26.73 billion, comprising
bank and non-bank loans. The firm said it is still attempting to
verify outstanding guarantees with third party entities and that
it believes the total amount of the guarantees is around CNY3.94
billion, the Post discloses.

The Post adds that Huishan said it won't be able to publish
audited results of the group for the year ended March 31 on or
before June 30, 2017, which is the stock exchange deadline.

The company's share price collapsed in late March and it has
since lost all of its board of directors. Trading in Huishan
Dairy was suspended in May by Hong Kong regulator the Securities
Futures Commission, the report notes.

                       About China Huishan

China Huishan Dairy Holdings Co Ltd (HKG:6863) is principally
engaged in the production and sales of raw milk, liquid milk
products and milk powder products. The Company operates its
business through three segments. The Dairy Farming segment is
engaged in planting, growing and harvesting alfalfa grass and
other feed crops, processing feeds and breeding dairy cows. The
Liquid Milk Products Production segment is engaged in the
production and sales of pasteurized milk, ultra-high temperature
(UHT) milk, yoghurt and milk beverages. The Milk Powders
Production segment is engaged in the production and sales of
infant milk formula products, adult milk powder products and
dairy ingredient products.

As reported in the Troubled Company Reporter-Asia Pacific on
April 13, 2017, The South China Morning Post said a Shanghai
court has frozen assets of China Huishan Dairy Holding and its
chairman as requested by a mainland wealth management firm, and
that HSBC alleges it has defaulted on a US$200 million loan.
Huishan said in a filing to the Hong Kong stock exchange on
April 10 that it had received a letter on April 7 from HSBC
alleging "non-compliance with certain of the covenants" and "has
therefore called events of default under the Facility Agreement".
HSBC acted on behalf of six creditor banks, including China CITIC
Bank International.


HONG SENG: Fitch Assigns Final 'B' Rating to US$250MM Sr. Notes
---------------------------------------------------------------
Fitch Ratings has assigned Hong Seng Limited's US$250 million
7.875% guaranteed senior notes a final 'B' rating with a Recovery
Rating of 'RR4'.

Hong Seng is wholly owned by Hong Yang Group Company Limited
(B/Stable), which will provide an unconditional and irrevocable
guarantee to the proposed notes. The notes are rated at the same
level as Hong Yang's senior unsecured rating because they
constitute its direct and senior unsecured obligations. The
assignment of the final rating follows the receipt of documents
conforming to information already received and is in line with
the expected rating assigned on May 15, 2017.

Hong Yang's ratings are supported by its high-quality land bank,
which focuses on the city of Nanjing, the capital of China's
Jiangsu province, and the Yangtze River Delta. This helps drive
the company's contracted sales growth and better gross profit
margin than its 'B' rated peers. Hong Yang also has a higher
recurring income arising from the larger scale of its property
rental business. The homebuilder's ratings are constrained by its
small land bank, which limits its ability to deleverage.
Furthermore, home purchase restrictions that affect cities within
Jiangsu province create uncertainty for Hong Yang's contracted
sales outlook, although selling prices are likely to be supported
by firm demand.

KEY RATING DRIVERS

Land Bank Drives Expanding Scale: Hong Yang's high-quality land
bank drives its expanding scale, with contracted sales growth of
46% and a contracted average selling price (ASP) increase of 39%
in 2016. About 57% of the homebuilder's land bank is located in
Nanjing and over 80% is located in Tier 2 cities within the
Yangtze River Delta, as measured by attributable gross floor
area. Hong Yang's well-positioned land bank and differentiated
products enable the company to enjoy a higher gross profit and
EBITDA margin - before capitalised interest - than most of its
'B' rated peers.

Government policies to control residential property price rises
create near-term uncertainty for Hong Yang's contracted sales
outlook, since its land bank is concentrated in Nanjing, which is
affected by these measures. However, the company is diversifying
its land bank to the city of Hefei in Anhui province, as well as
Suzhou, Wuxi, Changzhou, Nantong and Zhenjiang in Jiangsu
province. Fitch expects Nanjing to account for about 30% of Hong
Yang's contracted sales in 2017, compared with 64% in 2016.

Niche Property Rental Business: Hong Yang's investment property
portfolio, with large-scale retail and wholesale of household
construction and decoration materials, enjoys a niche market
position and near-full occupancy rates. The portfolio provides a
recurring EBITDA/interest coverage ratio of 0.3x-0.5x, higher
than for 'B' rated peers. Rental income increased during 2014-
2016 due to strong demand from consumers upgrading their
household furniture and decorations. Fitch expects rental income
from this segment to continue improving and supporting Hong
Yang's ratings.

Small Land Bank: Hong Yang's total land bank was about 4 million
square metres (sq m) at end-2016, which will last for three to
four years based on its current development pace. Hong Yang has
to replenish its land bank at market prices, mainly from public
auctions. The homebuilder acquired sites in 2016 through the
formation of joint ventures with other developers and financial
institutions, which helped diversify its geographical footprint.
Fitch expects the contracted sales contribution from joint
ventures to be the key growth driver of attributable contracted
sales in 2017.

Land Replenishment Pressures Leverage: Fitch expects Hong Yang's
leverage, measured by net debt/adjusted inventory, to be 50%-60%
in 2017, as Fitch believes the company will need to use about 70%
of its attributable contracted sales proceeds each year to
acquire new land to sustain its contracted sales scale. Hong
Yang's attributable land acquisition costs were CNY8.4 billion in
2016, representing over 70% of its attributable contracted sales.

The average cost of its land bank was CNY6,854/sq m at end-2016,
or about 40% of Fitch's expected 2017 contracted ASPs, which
appears reasonable. The average cost of land acquired in 2016
rose to CNY11,000/sq m, indicating the increase in land prices
that may pressure profit margins if selling prices remain tightly
controlled.

DERIVATION SUMMARY

Ronshine China Holdings Limited (B+/Stable) is the closest peer
to Hong Yang, as both companies focus on first- and second-tier
cities in the Yangtze River Delta region. Compared with Ronshine,
Hong Yang has a smaller contracted sales scale and land bank,
while its leverage, defined by net debt/adjusted inventory, is
higher. Yida China Holdings Limited (B/Positive) is comparable
with Hong Yang in terms of scale, margin and investment property
recurring EBITDA/gross interest of above 0.3x. However, Yida's
leverage is lower, at about 45%, and it has a larger land bank.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Consolidated contracted sales at CNY10 billion-20 billion
   a year in 2017-2019

- Annual land premium accounting for about 70% of attributable
   contracted sales (2016: 69%)

- Gross profit margin before capitalised interest and after
   business tax of 32%-36% in 2017-2019 (2016: 30%)

- Average occupancy rate for investment properties to remain
   near 100%

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

- Contracted sales sustained at CNY15 billion or above (2016:
   CNY12 billion)

- EBITDA margin, excluding capitalised interest, sustained at
   30% or above (2016: 26%)

- Leverage, measured by net debt/adjusted inventory, sustained
   below 50% (2016: 53%)

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

- Contracted sales below CNY8 billion for a sustained period

- EBITDA margin, excluding capitalised interest, below 20% for
   a sustained period

- Leverage, measured by net debt/adjusted inventory, above
   60% for a sustained period

LIQUIDITY

Sufficient Liquidity: Hong Yang had unrestricted cash of CNY3.6
billion as at end-2016 and unused bank credit facilities of
CNY2.8 billion, mainly from China's big-five state-owned banks,
sufficient to cover short-term borrowings of CNY4.9 billion. The
company has approval to issue CNY4 billion in private onshore
bonds. Its debt maturities are spread out over the next five
years and beyond and its average borrowing cost declined to 6.5%
in 2016, from 8.7% in 2015.


SPI ENERGY: Falls Short of Nasdaq Minimum Bid Price Requirement
---------------------------------------------------------------
SPI Energy Co., Ltd. received a notification letter from the
Listing Qualifications Department of The Nasdaq Stock Market Inc.
on May 25, 2017, notifying the Company that the minimum bid price
per American depositary share, each representing ten ordinary
shares of the Company, was below $1.00 for a period of 30
consecutive business days and that the Company did not meet the
minimum bid price requirement set forth in Rule 5450(a)(1) of the
Nasdaq Listing Rules.  The Nasdaq notification letter does not
result in the immediate delisting of the Company's securities.

Pursuant to Rule 5810(c)(3)(A) of the Nasdaq Listing Rules, the
Company has a compliance period of 180 calendar days, or until
Nov. 21, 2017, to regain compliance with Nasdaq's minimum bid
price requirement.  If at any time during the Compliance Period,
the closing bid price per ADS is at least $1.00 for a minimum of
10 consecutive business days, Nasdaq will provide the Company a
written confirmation of compliance and the matter will be closed.

In the event that the Company does not regain compliance by Nov.
21, 2017, the Company may transfer to the Nasdaq Capital Market
where, subject to the determination by the staff of Nasdaq, it
may be eligible for an additional 180 calendar day compliance
period if it meets the initial listing requirements, with the
exception of bid price, of the Nasdaq Capital Market, and
provides written notice to Nasdaq of its intention to cure the
deficiency.

                  About SPI Energy Co., Ltd.

SPI Energy Co., Ltd. is a global provider of photovoltaic (PV)
solutions for business, residential, government and utility
customers and investors.  SPI Energy focuses on the downstream PV
market including the development, financing, installation,
operation and sale of utility-scale and residential solar power
projects in China, Japan, Europe and North America.  The Company
operates an innovative online energy e-commerce and investment
platform, www.solarbao.com, which enables individual and
institutional investors to purchase innovative PV-based
investment and other products; as well as www.solartao.com, a B2B
e-commerce platform offering a range of PV products for both
upstream and downstream suppliers and customers.  The Company has
its operating headquarters in Hong Kong and maintains global
operations in Asia, Europe, North America and Australia.

For additional information, please visit: www.spisolar.com,
www.solarbao.com or www.solartao.com.

SPI Energy reported a net loss of $185 million on $191 million of
net sales for the year ended Dec. 31, 2015, compared to a net
loss of $5.19 million on $91.6 million of net sales for the year
ended Dec. 31, 2014.  As of Dec. 31, 2015, SPI Energy had $710
million in total assets, $493 million in total liabilities and
$216.6 million in total stockholders' equity.

KPMG Huazhen LLP, in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2015, citing that SPI Energy Co., Ltd., and
its subsidiaries have suffered significant losses from operations
and have a negative working capital as of Dec. 31, 2015.  In
addition, the Group has substantial amounts of debts that will
become due for repayment in 2016.  The auditors said these
factors raise substantial doubt about the Group's ability to
continue as a going concern.


SPI ENERGY: Will Sell UK Solar Project to Capital Stage AG
----------------------------------------------------------
SPI Energy Co., Ltd., a global clean energy market place for
business, residential, government and utility customers and
investors, announced that its wholly-owned subsidiary, SPI
China(HK) Limited, has entered into an agreement to sell the
entire issued share capital of Todderstaffe Solar Limited
("Todderstaffe Farm"), which holds a solar project in the United
Kingdom with the capacity of approximately 4.5 megawatts (MW), to
the SDAX-listed Capital Stage AG, Germany's largest independent
solar park operator.

The Todderstaffe Farm solar project is located in Poulton,
Lancashire.  The project commenced construction in January, 2017
and was connected to the grid end of March 2017.  The
Todderstaffe Farm solar project is eligible to receive Renewables
Obligation Certificates (ROCs) at 1.2 ROCs/MWh under the UK's
Renewables Obligation (RO) scheme.

"We are delighted to work with valuable partner Capital Stage,
Germany's largest independent solar park operator and a leading
clean energy investor on the sale of Todderstaffe Farm solar
project," said Xiaofeng Peng, chairman and chief executive
officer of SPI Energy.  "The success of this transaction is
another testament to the quality of our solar farm projects and
the growing track record of delivering bankable solar power
solutions in the UK market."

Holger Gotze, COO at Capital Stage, said, "We are very pleased to
work with SPI Energy on the Todderstaffe Farm solar power
project, which gave us the opportunity to acquire an attractive
and high quality solar park that will add to our already existing
clean energy investments in the UK.  With the new acquisition our
generating capacity in the UK will increase to over 90 MW in
total."

                   About Capital Stage AG

Capital Stage AG is listed on the SDAX of the Deutsche Borse
(German stock exchange) and is Germany's largest independent
solar park operator.  The core business is the acquisition and
operation of solar parks and (onshore) wind farms.  Capital Stage
also offers professional investors attractive opportunities to
invest in renewable energy plants.  Capital Stage has become one
of the leading independent European power producers (IPP) with a
total of 161 solar parks and 47 wind farms summing up to a
generation capacity of almost 1.3 GW in Germany, Denmark,
Austria, Italy, France, Finland, the United Kingdom and Sweden.

                 About SPI Energy Co., Ltd.

SPI Energy Co., Ltd. is a global provider of photovoltaic (PV)
solutions for business, residential, government and utility
customers and investors.  SPI Energy focuses on the downstream PV
market including the development, financing, installation,
operation and sale of utility-scale and residential solar power
projects in China, Japan, Europe and North America.  The Company
operates an innovative online energy e-commerce and investment
platform, http://www.solarbao.com/,which enables individual and
institutional investors to purchase innovative PV-based
investment and other products; as well as
http://www.solartao.com/,a B2B e-commerce
platform offering a range of PV products for both upstream and
downstream suppliers and customers.  The Company has its
operating headquarters in Hong Kong and maintains global
operations in Asia, Europe, North America and Australia.

SPI Energy reported a net loss of $185 million on $191 million of
net sales for the year ended Dec. 31, 2015, compared to a net
loss of $5.19 million on $91.6 million of net sales for the year
ended Dec. 31, 2014.

As of Dec. 31, 2015, SPI Energy had $710 million in total assets,
$493 million in total liabilities and $216.6 million in total
stockholders' equity.

KPMG Huazhen LLP, in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2015, citing that SPI Energy Co., Ltd., and
its subsidiaries have suffered significant losses from operations
and have a negative working capital as of Dec. 31, 2015.  In
addition, the Group has substantial amounts of debts that will
become due for repayment in 2016.  The auditors said these
factors raise substantial doubt about the Group's ability to
continue as a going concern.



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LAI FUNG: Fitch Affirms BB- Long-Term IDR; Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Lai Fung Holdings Limited's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDR) at 'BB-'
with Stable Outlook. Fitch has also affirmed the Chinese property
company's senior unsecured ratings and the rating on its CNY1.8
billion senior notes denominated in offshore yuan and due 2018 at
'BB-'.

The affirmation is supported by Lai Fung's stable financial
profile with investment-property (IP) EBITDA/gross interest ratio
at 1.3x and total debt-to-total property asset at 28.9% at
July 31, 2016, both similar to levels a year earlier.
Furthermore, Fitch expects Lai Fung's IP EBITDA interest cover to
remain above 1x due to the first full year of contribution to
rental income from its new Guangzhou Lai Fung Tower in the
financial year ending July 31, 2017 (FY17). The new property
drove an 11.5% increase in rental revenue in 1HFY17 even though
the Chinese yuan weakened by 5.7% yoy.

Lai Fung's ratings continue to be constrained by its small IP
EBITDA of around USD60 million, material exposure to development
properties, and the large amount of investment property under
development with a gross floor area of 3.6 million square feet
(sq ft) compared with the current 3.2 million sq ft of completed
investment property in operation.

KEY RATING DRIVERS

Prudent Financial Management: Lai Fung has maintained neutral to
positive operating cash flow by focusing on generating healthy
profit margin in its development-property business to support the
development of new investment properties between 2011 and 2016.
Lai Fung's leverage, as measured by total debt/total property
assets, remained less than 30% after it peaked in FY13, as it
raised funds in the equity market and maintained stable cash
flows from property sales. Between FY15 and 1HFY17, the gross
floor area (GFA) of development property projects available for
sale fell to 3.5 million sq ft (excluding joint-venture project)
from 5.9 million sq ft, which helped to generate HKD576 million
of FCF in FY16.

Hengqin Project Long-Term Positive: The Hengqin Novotown project
will become an important source of recurring income after
completion in 1HFY19 and will likely push total IP EBITDA above
HKD600 million when the project matures after FY20. The sale of
cultural-themed properties may generate sales of about HKD1
billion to support the development of this project from FY18.
Fitch expects the development of this project to increase Lai
Fung's leverage to above 30% in the short to medium term, but
leverage will still be below the threshold where Fitch could
consider negative rating action.

Lai Fung will need to spend another HKD2 billion in Phase 1 of
the project, which is on track. Construction started in 2HFY15
and the company has signed license agreements that cover about
60% of the project's culture and hospitality-themed GFA of around
1.5 million sq ft.

Reducing Concentration of Rental Income: Fitch expects Shanghai
Hong Kong Plaza, Lai Fung's flagship investment property, to
account for less than 50% of the company's rental revenue by
FY19, from about 60% currently. The decline will result from the
addition of new investment properties. Fitch expects Lai Fung's
mature investment properties have rental growth in the mid- to
low-single digits and achieve stable EBITDA margin of around 62%.
Its already-high occupancy of above 95% for most of its key
office and retail properties mean that further rental revenue
upside will mainly be driven by positive rental reversion.

Lower Contribution from Residential Projects: Lai Fung's sales of
development properties will be mainly driven by the Palm Spring
project in Zhongshan city in Guangdong province. Lai Fung's gross
profit margin for development property has been above 40% since
FY09, except for FY11 and Fitch expects this margin to be
sustained in the next two to three years, underpinned by the
stable or rising selling price of the Palm Spring project. Lai
Fung's 3.5 million sq ft of saleable GFA of development
properties will last until FY21 or FY22 based on the current
construction schedule. Fitch has assumed in Fitch analysis that
Lai Fung will acquire development-property projects every two to
three years.

DERIVATION SUMMARY

Lai Fung's shopping malls and offices enjoyed healthy occupancy
of over 90% and high single-digit rental rate growth. Its IP
EBITDA/gross interest cover has been above 1.2x; setting it apart
from most Chinese homebuilders that rely on more risky
development-property sales to service their debts. Lai Fung has a
significantly stronger financial profile than Golden Wheel Tiandi
Holdings Limited (GWTH, B/Stable), which is also focused on
investment properties. GWTH's IP EBITDA/gross interest coverage
was only 0.5x at end-2016 and its leverage, as measured by net
debt/adjusted inventory, of 29% was higher than Lai Fung's 16%.
Lai Fung's leverage is also lower than 'BB' rating category
peers' leverage of between 30% and 40%.

Lai Fung's small IP EBITDA of around USD60 million in FY16 and
material exposure to development properties risks constrain its
ratings.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Replenishes development-property land bank over a three-year
   sales cycle

- Mid- to low-single-digit rental rate growth

- IP GFA growth according to management guidance as per interim
   Report

- Capex and dividend for FY17 and FY18 similar to FY16 level

- Hong Kong dollar at 1.15 to Chinese yuan over FY17-FY19

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

- Annual EBITDA from investment properties rising above HKD600
   million (FY16: HKD381 million, 1HFY17: HKD216 million) and
   EBITDA from investment properties/interest expenses exceeding
   1.5x on a sustained basis (FY16: 1.3x, 1HFY17: 1.4x)

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

- EBITDA from investment properties/interest expenses falling
   below 1.0x on a sustained basis, or

- Total debt/property assets exceeding 40% on a sustained basis
   (FY16: 28.9%, 1HFY17: 28.7%)

LIQUIDITY

Lai Fung has maintained enough cash to cover its short-term debt
expiring in the past. It had HKD1.9 billion of cash on hand and
undrawn credit facilities of HKD3.6 billion at January 31, 2017,
which was sufficient to meet its short-term bank loans of HKD18
million and offshore yuan-denominated senior notes of CNY1.8
billion due April 2018. Lai Fung's growing recurring EBITDA of
over HKD400 million will also provide steady cash flow to support
its debt servicing.



=========
I N D I A
=========


ADAMS MARKETING: CRISIL Reaffirms 'D' Rating on INR21.5MM Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Adams Marketing
Private Limited (AMPL) for obtaining information through letters
and emails dated January 19, 2017, and February 9, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         2.5       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit           21.5       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term     3.5       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

   Term Loan              1.0       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Adams Marketing Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Adams Marketing Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with Crisil B
Rating category. Or Lower' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
Reaffirming the rating at 'CRISIL D/CRISIL D'.

AMPL was incorporated in April 2007. It was formed through the
merger of three proprietorship firms (Adams Motors, Adams
Electronics, and Adams Paribar). The company, based in Howrah
(West Bengal), is an authorised dealer of various brands of
consumer durables.


AEON MEDICAL: CRISIL Cuts Rating on INR3MM Cash Loan to 'B'
-----------------------------------------------------------
CRISIL has been consistently following up with Aeon Medical
Private Limited (AMPL) for obtaining information through letters
and emails dated January 20, 2017, and February 9, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          6        CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL A4+')

   Cash Credit             3        CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

   Proposed Long Term      1        CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Aeon Medical Private Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Aeon Medical Private Limitedis
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with Crisil B Rating
category.or Lower' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
Downgrading the rating at 'CRISIL B/Stable/ CRISIL A4'.

AMPL, incorporated in 2005 by Mr. Rabindra Narayan Senapati,
manufactures body work and assembles high-end ambulances by
installing advanced life support systems in basic ambulances. Its
assembling facility is in Pithampur (Madhya Pradesh). Operations
are managed by Mr. Rabindra Narayan Senapati and Mr. Abani Ranjan
Tripathy.


AIR INDIA: Debt Makes Selling Stake Difficult, Adviser Says
-----------------------------------------------------------
The Times of India reports that selling a stake in Air India will
be "very very difficult", given its huge debt of INR52,000crore
and the government will have to take a call on whether it wants
to write off the entire debt or a part of it, a top government
adviser said on June 2.

According to the report, NITI Aayog vice chairman Arvind
Panagariya said there are four issues which need to be resolved
before a final decision is made by the government.

"The debt of Air India, the last number that I heard is that it
is INR52,000 crore now. That's a very very large debt and selling
it with the current debt is going to be very very difficult even
if the sale is open to both domestic and foreign buyers,"
Panagariya told a news conference to mark three-years of the
Narendra Modi government, TOI relays.

TOI relates that Panagariya also said the government also needs
to decide whether to privatise or not privatise the national
carrier. "Assuming that the decision is made to privatise then
the question comes what is the universe of potential buyers. Is
it only the national buyers or we will allow the foreign entities
also to bid for it?" the report quotes Panagariya as saying.

The third issue that needs to be resolved is whether the
government will keep some stake since it is a national carrier,
says TOI.

TOI notes that the civil aviation ministry is currently examining
the report submitted by NITI Aayog.  According to TOI, the
government's think tank has recommended strategic disinvestment
of loss-making Air India so that the Centre does not have to sink
in more money into the airline and can allocate more funds for
health and education.

According to TOI, the report completes the groundwork for the
Centre to initiate the sale of the airline and comes in the wake
of finance minister Arun Jaitley's support for stake sale in the
bleeding carrier. Panagariya also said he expects strategic
disinvestments to gather pace after the finance minister's
comments on the issue, adds TOI. The NITI Aayog vice chairman
said that the country was "very much out of the woods" on
demonetisation and the economy was on course for a 7.5% growth in
the current financial year, the report relays.

                         About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government
of India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports. It is headquartered at the Indian Airlines House in
New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on
March 28, 2014, The Times of India said Air India got a breather
in the form of INR1,000-crore equity infusion from the government
on March 26, 2014.  According to the report, the airline's
unending financial stress had got worse as the Centre had so far
given INR6,000 crore instead of the promised INR8,500 crore for
the fiscal. As a result, AI had to bridge this gap by borrowing
money from banks at 11%-12%, which increased its debt servicing
burden, the report said.  Before the infusion, the government had
injected INR12,200 crore into AI and there was a shortfall in
equity to the tune of INR3,574 crore -- despite the airline
meeting most of the milestone-linked equity targets -- leading to
a liquidity crunch, the report related.  TOI said the airline's
aircraft and working capital debt was INR26,033 crore and
INR21,125 crore respectively on December 31, 2013. The airline is
expected to lose INR3,990 crore this fiscal.

Air India has posted continuous losses since 2007, according to
The Economic Times.


AMAR PLASTIC: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Amar Plastic
Industries' (APIS) Long-Term Issuer Rating of 'IND BB-' to the
non-cooperating category.  The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency.  Therefore, investors and other users are advised to take
appropriate caution while using these ratings.  The rating will
now appear as 'IND BB-(ISSUER NOT COOPERATING)' on the agency's
website.  The instrument-wise rating actions are:

   -- INR60 mil. Non-fund-based limit migrated to non-cooperating
      category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 18, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

APIS is a partnership firm established in June 1979.  The firm
imports and trades plastic raw materials including polypropylene
which constitutes 75-80% of the turnover.  It also manufactures
plastic articles.


AOV EXPORTS: CRISIL Lowers Rating on INR7.05MM Term Loan to B+
--------------------------------------------------------------
CRISIL has been following up with AOV Exports Private Limited
(AOV) for obtaining information through emails and letters dated
Oct. 18, 2016 and Nov. 21, 2016, apart from various telephonic
communication.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        1.25       CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL A3+')

   Bill Discounting      3.00       CRISIL A4 (Issuer Not
   under Letter of                  Cooperating; Downgraded
   Credit                           from 'CRISIL A3+')

   Foreign Currency      3.34       CRISIL B+/Stable/(Issuer Not
   Term Loan                        Cooperating; Downgraded
                                    from 'CRISIL BBB/Stable')

   Post Shipment        25.00       CRISIL A4 (Issuer Not
   Credit                           Cooperating; Downgraded from
                                    'CRISIL A3+')

   Pre Shipment         55.00       CRISIL A4 (Issuer Not
   Credit                           Cooperating; Downgraded from
                                    'CRISIL A3+')

   Proposed Long Term    5.36       CRISIL B+/Stable/(Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL BBB/Stable')

   Term Loan             7.05       CRISIL B+/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BBB/Stable')

AOV failed to respond to these letters or provide any management
interactions despite these repeated attempts, leading CRISIL to
carry out rating surveillance with the best available
information.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.'
Detailed Rationale

CRISIL has downgraded its ratings on the bank facilities of AOV
to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BBB/Stable/CRISIL
A3+'.

The downgrade reflects CRISIL's inability in maintaining the
ratings of AOV at 'CRISIL BBB/Stable/CRISIL A3+' due to
inadequate information and lack of management cooperation,
thereby restricting CRISIL from taking a forward looking view on
the credit quality of the entity. AOV scores low ('L') on
availability of past information. The management has failed to
share adequate information on either financial or business
performance of the company. It also scores low ('L') on future
information due to unavailability of management's public stated
stance on future expectations, strategic decisions, and capital
expenditure (capex) plans. Further, It scores low ('L') on the
stability attributes listed in CRISIL's criteria for surveillance
of ratings of non-cooperative issuers. On the basis of the
aforementioned, CRISIL believes the available information is
consistent with a CRISIL B category rating, leading CRISIL to
downgrade the rating to 'CRISIL B+/Stable/CRISIL A4'.

Incorporated in 2001, AEPL is based in Noida (Uttar Pradesh) and
is the flagship entity of the AOV group. The company processes
and exports frozen boneless buffalo meat. The key promoter, Mr. O
P Arora, has around 18 years of experience in the meat products
industry. AEPL has one manufacturing facility in Unnao in (Uttar
Pradesh).

Profit after tax (PAT) was INR15.42 crore on revenue of INR936.4
crores in fiscal 2015, against INR31.5 crore on revenue of
INR546.8 crore in fiscal 2014.


ASHOK BRICKS: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ashok Bricks
Industries Private Limited's Long-Term Issuer Rating of 'IND BB+'
to the non-cooperating category.  The issuer did not participate
in the rating exercise despite continuous requests and follow-ups
by the agency.  Therefore, investors and other users are advised
to take appropriate caution while using these ratings.  The
rating will now appear as 'IND BB+(ISSUER NOT COOPERATING)' on
the agency's website.  The instrument-wise rating actions are:

   -- INR140 mil. Fund-based limit migrated to non-cooperating
      category;

   -- INR100 mil. Term loan migrated to non-cooperating category;
      and

   -- INR200 mil. non fund-based limit migrated to non-
      cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 18, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Ashok Bricks Industries was established in 1992 as a partnership
firm by Pramod Agarwal and Ashok Agarwal.  In 1999, the firm was
converted into a private limited company and it entered into the
construction industry.


ASTHA BEEJ: CRISIL Assigns 'B+' Rating to INR2.50MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Astha Beej Company Private Limited (ABC).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             1.34       CRISIL B+/Stable

   Standby Line of
   Credit                0.35       CRISIL B+/Stable

   Cash Credit           2.50       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility    1.81       CRISIL B+/Stable

The ratings reflect the company's modest scale of operations in
the intensely competitive seed processing industry, and weak
financial risk profile because of modest networth and weak debt
protection metrics. These weaknesses are partially offset by the
extensive experience of its promoters and comfortable return on
capital employed (RoCE).

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: With an operating income of INR11.6
crores in fiscal 2017, scale remains modest in the highly
fragmented seed processing industry.

* Weak financial risk profile: Networth was modest at INR1 crore
as on March 31, 2017, while debt protection metrics were weak,
with interest coverage and net cash accrual to total debt ratios
of 1.5 times and 0.04 time, respectively, in fiscal 2017.

Strengths

* Extensive experience of promoters: Key promoter, Mr. D K Goel,
has nearly five decades of experience in the agriculture segment.

* Comfortable RoCE: The RoCE has been in the 11.8-13.5% range in
the three years through fiscal 2017, and is expected to remain
comfortable over the medium term.

Outlook: Stable

CRISIL believes ABC will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if operating income and margin improves or equity
infusion or higher-than-expected cash accrual leads to a better
capital structure. The outlook may be revised to 'Negative' if
decline in revenue or profitability, substantial capital
expenditure, or stretch in working capital requirement weakens
liquidity.

Established on July 26, 1999, (production began from 2005) by Mr.
D K Goel, ABC supplies certified, foundation, and research wheat
and paddy seeds. Operations are managed by Mr. D K Goel, Mr. S K
Goel, and Ms. Ruchin Goel.

Profit after tax was INR0.09 crore on net sales of INR11.6 crore
for fiscal 2017, against INR0.08 crore and INR10.8 crore,
respectively, for fiscal 2016.


BARNALA STEEL: CRISIL Cuts INR60MM Cash Loan Rating to 'B'
----------------------------------------------------------
CRISIL has been consistently following up with Barnala Steel
Industries Limited (BSIL) for obtaining information through
letters and emails dated January 20, 2017, and February 15, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bill Discounting        5        CRISIL A4 (Issuer Not
   under Letter of                  Cooperating; Rating
   Credit                           Reaffirmed)

   Cash Credit            60        CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL B+/Negative')

   Term Loan               6        CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL B+/Negative')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Barnala Steel Industries
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Barnala Steel Industries
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with Crisil B
Rating category. Or Lower' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL has
downgraded the long term rating to 'CRISIL B/Stable' and
reaffirmed short term rating at 'CRISIL A4'.

BSIL, incorporated in 1994, manufactures thermo-mechanically
treated bars, mild-steel tor bars, coils, wire rods, and other
steel-rolled products. The company has a manufacturing plant in
Muzaffarnagar (Uttar Pradesh), with installed capacity of 150,000
tonnes per annum. BSIL is promoted by two brothers, Mr. Sajid
Mian Nasir and Mr. Hamid Mustafa, along with a family friend, Mr.
Ameed Ahmed Khan.


BEENA METALS: CRISIL Lowers Rating on INR2.9MM Loan to 'B'
----------------------------------------------------------
CRISIL has been consistently following up with Beena Metals (BM)
for obtaining information through letters and emails dated
November 21, 2017, and December 15, 2017, among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Overdraft              2.1       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

   Proposed Working       2.9       CRISIL B/Stable (Issuer Not
   Capital Facility                 Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Beena Metals. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for Beena Metals is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with Crisil B Rating category. Or Lower' Therefore,
on account of inadequate information and lack of management co-
operation, CRISIL is Downgrading the rating at "CRISIL B/Stable".

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of BM and its group entity, Beena Steels
(BS). This is because the two entities, together referred to
herein as the Beena group, operate in the similar lines of
business, have common promoters and share significant business
synergies.

The Beena group, based in Kerala, consists of two entities ' BM
and BS, which undertake retail and wholesale trading of hardware
products respectively. The group's operations are managed by Mr.
Binu Krishna Pillai and Mr. Biju Krishna Pillai.


DELITE HI-TECH: CRISIL Reaffirms B+ Rating on INR5.5MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Delite Hi-Tech Furniture Industries Private Limited (DHTPL) at
'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        2.5       CRISIL A4 (Reaffirmed)

   Cash Credit           4         CRISIL B+/Stable (Reaffirmed)

   Long Term Loan        5.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    1.5       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect modest scale of operations and
return on capital employed (RoCE). These rating weaknesses are
partially offset by the extensive experience of the promoters in
the home furnishing industry, and a healthy capital structure.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest RoCE:
The RoCE is estimated to have been modest at around 6.5% over the
two years through fiscal 2017. Debt-funded capital expenditure
(capex), reliance on bank borrowing, and modest scale of
operations led to stagnation in the RoCE.

* Modest scale of operations:
Operating income was modest in the range of INR21-23 crore over
the three fiscals through 2017.

Strength

* Extensive industry experience the promoters:
The promoters have over five decades of experience in the modular
furniture industry through their partnership firm, Delite Safe,
with the Kukeraja family. After separation of business in 1996,
the promoters established DHTPL. Their experience has helped
establish a strong relationship with suppliers and customers,
reflected in a large customer base.

* Healthy capital structure:
Despite the debt-funded capex, total outside liabilities to
adjusted net worth (TOLANW) is estimated to be healthy at around
1 time as on March 31, 2017.

Outlook: Stable

CRISIL believes DHTPL will continue to benefit from the industry
experience of its promoters. The outlook may be revised to
'Positive' in case of a substantial increase in scale of
operations and improvement in the operating margin, leading to
higher cash accrual. The outlook may be revised to 'Negative' if
cash accrual is lower than expected, working capital management
deteriorates further, or there is significant, debt-funded capex,
leading to weakening of the financial risk profile.

DHTPL was incorporated in 1996, promoted by Mr Brij Mohan Bhatia
and his son, Mr Arun Bhatia. The company provides end-to-end
interior design solutions, such as modular furniture designing,
chairs, tables, public seating, office storage systems, and sofa
sets for corporate entities. It has three manufacturing and
processing units, one each in Okhla and Mundka in Delhi, and one
in Bhiwadi, Rajasthan.

Profit after tax, on a provisional basis, was estimated to be at
INR0.43 crore on operating income of INR20.28 crore for fiscal
2017, vis-a-vis INR0.45 crore and INR23.21 crore, respectively,
for fiscal 2016.


EMDET ENGINEERS: CRISIL Cuts Rating on INR10.15MM Term Loan to B
----------------------------------------------------------------
CRISIL has been consistently following up with Emdet Engineers
Private Limited (EEPL) for obtaining information through letters
and emails dated January 24, 2017, and February 13, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          1        CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL A4+')

   Cash Credit             7.5      CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

   Letter of Credit        0.35     CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL A4+')

   Term Loan              10.15     CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Emdet Engineers Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Emdet Engineers Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with Crisil B
Rating category.or Lower' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
Downgrading the rating at 'CRISIL B/Stable/ CRISIL A4'.

EEPL was incorporated in 1970 in Amritsar, Punjab, promoted by
Mr. Dev Mitter. The promoter has been manufacturing steering
wheels under his firm, Emdet Engineers, since 1960. In 1988,
EEPL's manufacturing facilities were shifted to Pune,
Maharashtra, while its head office remained in Amritsar. The
company is currently managed by Mr. Naavniit Miterr and Mrs.
Jyotsna Miter. In 1986, Mr. Naavniit Miterr established MMEPL in
Pantnagar, Uttarakhand, to manufacture automotive components. The
company is managed by Mr. Nishchay Miterr and Mrs. Radhika
Mitter.


GCX LIMITED: Moody's Lowers Corporate Family Rating to B3
---------------------------------------------------------
Moody's Investors Service has downgraded GCX Limited's corporate
family rating and senior secured bond rating to B3 from B2. The
ratings have also been placed on review for further downgrade.

RATINGS RATIONALE

GCX is a wholly owned subsidiary of Reliance Communications
Limited (India) (RCOM, Caa1 review for downgrade) through an
intermediary holding company, Global Cloud Xchange Limited
(GCXL).

"The downgrade and change in outlook of GCX are linked to that of
its ultimate parent, RCOM," says Annalisa Di Chiara, a Moody's
Vice President and Senior Credit Officer.

"GCX continues to generate stable operating performance and has
relatively low leverage, and continues to perform in line with
Moody's expectations" said Di Chiara.

"However, there is a significant amount of uncertainty
surrounding the parent's restructuring which Moody's believes
heightens risks of future transactions or events that could drive
GCX's leverage higher than Moody's expectations or reduce
liquidity or market access," added Di Chiara.

GCX is not a restricted subsidiary under RCOM's $300 million bond
indenture and therefore its assets and cash flows are ring-fenced
from creditors at RCOM. However, shares in GCX and GCXL, are
pledged against a $20 million loan outstanding at GCXL's parent,
Reliance Globalcom BV (RGBV, unrated), which is a 100% owned by
RCOM. GCXL's only asset is its shareholding in GCX. The loan is
due in September 2017 and management have confirmed that it is
current on all debt service obligations.

GCX is able to pay dividends so long as its leverage -- as
measured by debt/EBITDA -- remains below 3.75x and interest
coverage above 1.75x. In addition, GCX can incur additional
indebtedness under its indenture, including drawing down on its
$30 million revolving credit facility (unrated) and using its
US$25 million general basket in the debt covenant. Since 2014,
GCX has paid a total of $15 million in dividends to date.

At the same time, the B3 ratings continue to reflect GCX's stable
operating performance. The company generated around $406.6
million of revenues at year-end 2017, around $129 million of
reported EBITDA and $81 million of cash EBITDA. GCX reported
debt/EBITDA of 2.8x. Based on this, Moody's estimated adjusted
debt/EBITDA was around 3.0x and cash EBITDA/adjusted debt was
around 4.6x, in line with Moody's expectations.

Moody's also expects GCX will continue to generate new IRU sales
of around $60-70 million per year and, at the same time, generate
stable revenues from its IP-related businesses. It also
incorporates Moody's expectations that cash EBITDA will also
remain at or above $75-$80 million.

The company had $63 million cash on hand at March 31, 2017.
Moody's expects cash and cash from operations will be sufficient
to cover projected capex of $20 million and working capital
outflows over the next 12 months.

GCX doesn't have any significant debt maturities over the next 12
months. The company's $350 million senior secured bond matures in
August 2019.

The company also has access to a $30 million revolving credit
facility governed by maintenance financial covenants, including
maximum leverage (or debt/EBITDA) of 3.75x and minimum interest
coverage (or EBITDA/interest) of 3.0x. This RCF matures in
September 2017, although Moody's understand from the company that
the extension (for one year) of this facility is underway.

Given the linkages between RCOM and GCX, the review will focus on
the progress of the corporate and financial reorganization at
RCOM, including: (1) clarification of RCOM's debt service
obligations -- including in interest and principal payments--
with all of its onshore and offshore lenders; (2) status of
pending waivers from RCOM's lenders of certain loan covenants;
and 3) the role of GCX in the RCOM group both during and post
reorganisation.

The principal methodology used in these ratings was Global
Communications Infrastructure Rating Methodology published in
June 2011.

GCX Limited, incorporated in Bermuda in 2014, wholly owns five
subsea cable systems on major data traffic routes. As of 30
September, these cable systems had a total length of 68,698
kilometers with 46 landing stations in 27 countries. GCX provides
data connectivity solutions to major telecommunications carriers
and large multinational enterprises in the US, Europe, Middle
East and Asia Pacific with a need for multi-national IP-based
solutions and connectivity.


GUJRAL AND SONS: CRISIL Assigns 'D' Rating to INR6.5MM Cash Loan
----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facility of Gujral and Sons (G&S), and has assigned its 'CRISIL
D' rating to the facilities. CRISIL had, on December 13, 2013,
suspended the ratings as G&S had not provided the necessary
information for a rating review. The firm has now shared the
requisite information, enabling CRISIL to assign a rating.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            6.5       CRISIL D (Assigned;
                                    Suspension Revoked)

The rating reflects overdrawn fund-based limit for over 30 days.

The firm also has a weak financial risk profile because of small
networth and below-average debt protection metrics, and large
working capital requirement. However, G&S benefits from its long
track record.

Key Rating Drivers & Detailed Description

Weaknesses

* Overdrawn cash credit facility: High gross current assets of
1492 days as on March 31, 2016, due to sizeable inventory of 2180
days led to stretched liquidity, which in turn resulted in
overdrawn cash credit limit.

* Weak financial risk profile: Networth was small at INR5.04
crore as on March 31, 2016, and debt protection metrics weak,
with interest coverage ratio of 0.97 time in fiscal 2016.

* Small scale of operations: With an operating income of INR2.9
crore in fiscal 2016, scale remains small in the competitive
textile industry.

Strength

* Extensive experience of partners: The partners have been in the
apparel retail segment for over three decades.

Set up in 1971 by Mr. Vinod Gujral, as a partnership firm, G&S
retails garments from its showroom in Karol Bagh, Delhi. The firm
sells casual wear (T-shirts and shirts), formal wear, wedding
suits, Jodhpuri kurtas, and other designer wear. It also sells
unstitched fabric for menswear.

Net loss was INR0.11 crore on net sales of INR2.9 crore in fiscal
2016, against a net loss of INR0.72 crore on net sales of INR2.80
crore in the previous fiscal.


HOTEL SUKHAMAYA: CRISIL Reaffirms B- Rating on INR4.25MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Hotel Sukhamaya
Private Limited (HSPL) for obtaining information through letters
and emails dated January 23, 2017, and February 13, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         0.75      CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit            2.00      CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                     Reaffirmed)

   Term Loan              4.25      CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Hotel Sukhamaya Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Hotel Sukhamaya Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with Crisil B
Rating category. Or Lower' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
Reaffirming the rating at 'CRISIL B-/Stable/ CRISIL A4'.

HSPL, incorporated in 1981, operates a three-star hotel named The
Crown in Bhubaneswar (Orissa). The hotel has facilities such as a
swimming pool, a health club, a bar, four banquet halls, and
three restaurants.


ILASAKAA STEELS: CRISIL Cuts Rating on INR29MM Cash Loan to 'B'
---------------------------------------------------------------
CRISIL has been consistently following up with Ilasakaa Steels
Limited (ISL) for obtaining information through letters and
emails dated January 24, 2017, and February 14, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             29       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

   Letter of Credit         2       CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL A4+')

   Long Term Loan           .25     CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Ilasakaa Steels Limited. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Ilasakaa Steels Limited is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL B rating category or
lower.' Based on the last available information, CRISIL has
downgraded the rating to 'CRISIL B/Stable/CRISIL A4'.

Ilasakaa was established in January 2009 by Mr. Ashwani Kumar
Sharma, Mr. Ashok Kumar Jain, Mr. Anand Kumar Bindal, and Mr.
Ajay Kumar Bindal (brother of Mr. Anand Kumar Bindal). The
company has been manufacturing steel CR strips and sheets since
August 2010 and has its plant located in Bahadurgarh (Haryana)
having an installed capacity of 42000 tonnes per annum.


JAI MAAKALI: CRISIL Reaffirms 'D' Rating on INR9.5MM Cash Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Jai Maakali
Poultry Farms (JM) for obtaining information through letters and
emails dated January 19, 2017, and February 10, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            9.5       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Long Term Loan         3.0       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Jai Maakali Poultry Farms.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Jai Maakali Poultry Farms is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with Crisil B Rating category or
Lower' Therefore, on account of inadequate information and lack
of management co-operation, CRISIL is Reaffirming the rating at
'CRISIL D'.

JM Farms, established in 1993 and based in Andhra Pradesh, is
promoted by Mr. Kumar Pappu Singh and his family. JM Farms
produces commercial eggs and sells its entire output to JMP. JMP
trades in commercial eggs.


JAY CONSTRUCTION: CRISIL Lowers Rating on INR9.5MM LT Loan to B
---------------------------------------------------------------
CRISIL has been consistently following up with Jay Construction
India (JCI) for obtaining information through letters and emails
dated January 21, 2017, and February 14, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term       9.5      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Jay Construction India. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Jay Construction India is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL B rating category or
lower.' Based on the last available information, CRISIL has
downgraded the rating to 'CRISIL B/Stable'.

JCI undertakes real estate projects in Mumbai, Bengaluru, Delhi,
and Pune. The firm was registered in 2001 and is managed by Mr.
Jayesh Mistry and Mr. Manish Mistry


JOMSONS ENTERPRISES: CRISIL Cuts Rating on INR11MM Cash Loan to B
-----------------------------------------------------------------
CRISIL has been consistently following up with of Jomsons
Enterprises (India) Private Limited (JE) for obtaining
information through letters and emails dated November 21, 2016,
and December 22, 2016, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             11       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

   Long Term Loan           9.5     CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Jomsons Enterprises (India)
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Jomsons Enterprises
(India) Private Limited is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
Crisil B Rating category. Or Lower' Therefore, on account of
inadequate information and lack of management co-operation,
CRISIL is Downgrading the rating at 'CRISIL B/Stable

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of JE and Bestin Plast (BE). This is
because both the entities, together referred to as the Jomsons
group, are in the same line of business, have operational and
financial linkages, and are managed by the same promoter.

The Jomsons group trades in PVC panel profiles and is venturing
into customised printing in 3D texture on doors, ceilings,
floors, and other surfaces. JE, formerly known as Jomsons
Plastics, was established in 2011 and BE in 1993. Both are
located in Thrissur (Kerala) and are managed by Mr. Bestin Joy.


KMB TRADING: CRISIL Reaffirms 'D' Rating on INR12.72MM LT Loan
--------------------------------------------------------------
CRISIL has been consistently following up with KMB Trading
Corporation Private Limited (A B Convention) for obtaining
information through letters and emails dated January 20, 2017,
and February 10, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             6        CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Corporate Loan          2.5      CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Funded Interest         4.15     CRISIL D (Issuer Not
   Term Loan                        Cooperating; Rating
                                    Reaffirmed)

   Long Term Loan         12.72     CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term      1.13     CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KMB Trading Corporation
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for KMB Trading
Corporation Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with Crisil B Rating category.or Lower' Therefore, on
account of inadequate information and lack of management co-
operation, CRISIL is Reaffirming the rating at 'CRISIL D'.

Set up in 1999 as a partnership between Mr. K Shoukath Ali and
his brother Mr. Yusuff Basha, KMB was reconstituted as a private
limited company in 2010. The company, headquartered in Salem
(Tamil Nadu), quarries and sells rough granite blocks.


MAIMOON IMPEX: CRISIL Lowers Rating on INR6MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with Maimoon Impex
L.L.P (Maimoon) for obtaining information through letters and
emails dated January 23, 2017, and February 13, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             6        CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

   Letter of Credit         1       CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL A4+')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Maimoon Impex L.L.P. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Maimoon Impex L.L.P is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with Crisil B Rating category. Or Lower'
Therefore, on account of inadequate information and lack of
management co-operation, CRISIL is Downgrading the rating at
'CRISIL B/Stable/ CRISIL A4'.

Established in 2009, Maimoon trades and processes industrial
paper, primarily kraft paper. The firm has a processing unit in
Bhiwandi (Maharashtra) and is promoted by Mr. Saifee Jani's sons,
Mr. Abiali Jani and Mr. Abifazal Jani.


MANIPAL MEDIA: CRISIL Cuts Rating on INR15.96MM LT Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with Manipal Media
Network Limited (MMNL) for obtaining information through letters
and emails dated November 21, 2016, and December 22, 2016, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          1        CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL A4+')

   Cash Credit            15        CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB+/Stable')

   Letter of Credit       18        CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL A4+')

   Proposed Long Term     15.96     CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL BB+/Stable')

   Term Loan                .04     CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB+/Stable')


'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Manipal Media Network Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Manipal Media Network Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with Crisil B Rating
category. Or Lower' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
Downgrading the rating at 'CRISIL B/Stable/ CRISIL A4'.

MMNL was originally incorporated in 1948 as Express Printers Pvt
Ltd; the name was changed in June 2000. It is owned by members of
Mr. Satish Pai's family of Manipal. The company has five
publications in Kannada: Udayavani, a Kannada daily of coastal
Karnataka; Taranga, a weekly family magazine; Tushara, a monthly
literary digest; Thunthuru, a fortnightly children's magazine;
and Rooptara, a monthly film magazine.


MOONAK ISPAT: CRISIL Lowers Rating on INR5MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL has been consistently following up with Moonak Ispat Udyog
(MIU) for obtaining information through letters and emails dated
November 30, 2016, and January 17, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             5       CRISIL B/Stable (Issuer Not
                                   Cooperating; Downgraded from
                                   'CRISIL BB/Stable')

   Proposed Long Term      1       CRISIL B/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Downgraded from
                                   'CRISIL BB/Stable')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Moonak Ispat Udyog. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Moonak Ispat Udyog is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with Crisil B Rating category or Lower' Therefore,
on account of inadequate information and lack of management co-
operation, CRISIL is Downgrading the rating at 'CRISIL B/Stable'.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MIU, Pratul Enterprises Pvt Ltd (PEPL)
and Vardhman Ispat Udyog (VIU), together referred to as the
Pratul group. This is because all these entities are under a
common management, and in the same line of business with moderate
business inter-linkages and fungible finances.

MIU, established in 2009, is a proprietorship firm promoted by
Mr. Pradeep Garg. PEPL, incorporated in 2012, is promoted by Mr
Pradeep Garg and Mr Subodh Kumar. VIU, established in 2005, is a
partnership firm promoted by Mr. Pradeep Garg and Mr Subodh
Kumar. All these entities trade in thermo mechanically treated
(TMT) bars and structural steel products, and are authorised
distributors of KIL's steel products in Punjab.


MY STORE: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
---------------------------------------------------------
CRISIL has been consistently following up with MY Store Private
Limited (MSPL) for obtaining information through letters and
emails dated January 23, 2017, and February 13, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          1        CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit            10        CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating
                                     Reaffirmed)

   Term Loan               5        CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MY Store Private Limited. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for MY Store Private Limited is consistent
with 'Scenario 3' outlined in the 'Framework for Assessing
Consistency of Information with Crisil BBB Rating category. Or
Lower' Therefore, on account of inadequate information and lack
of management co-operation, CRISIL is Reaffirming the rating at
'CRISIL B+/Stable/ CRISIL A4'.

MSPL, incorporated in 2008 and promoted by Mr. Saurabh Garg,
operates franchisee stores for brands such as Nike and Arvind
Lifestyle. It also operates two multi-brand retail stores. Its
registered office is in Bhopal (Madhya Pradesh).


N SWARNA: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
------------------------------------------------------
India Ratings has affirmed N Swarna Electricals & Contractors'
Long-Term Issuer Rating at 'IND BB-'.  The Outlook is Stable.
The instrument-wise ratings actions are:

   -- INR15 mil. (reduced from INR50) fund-based facilities*
      assigned with 'IND BB-/Stable' rating; and

   -- INR85 mil. (increased from INR50) Non-fund-based
      facilities* assigned with IND A4+ rating

* The final ratings were assigned based on the sanction letters
provided by N Swarna to Ind-Ra.

                        KEY RATING DRIVERS

The affirmation reflects N Swarna's continued small scale of
operations and declining, albeit marginally, profitability.
According to provisional financials for FY17, revenue was INR402
million (FY16: INR398 million).  The increase in revenue was
driven by additional tenders.  In FY17, EBITDA margin was 7.7%
(FY16: 7.8%; FY15: 9.7%).  The decline in EBITDA margin was due
to subcontracting works undertaken by the company.  Such works
have low margins.

The ratings also reflect the tight liquidity position of N
Swarna, indicated by full utilization of fund-based facilities
during the 12 months ended April 2017.

The ratings continue to factor in the proprietorship form of the
firm.

The ratings, however, continue to be supported by comfortable
credit metrics and more than two-decade-long operating record of
the company's proprietor in electrical and civil construction
works.  In FY17, EBITDA gross interest coverage (operating
EBITDA/gross interest expense) was 10.4x (FY16: 6.5x) and net
financial leverage (total adjusted net debt/operating EBITDA) was
0.4x (FY16: 0.4x).  Moreover, as of May 2018, the firm had an
unexecuted order book of INR796.624 million (2x of FY17 revenue),
which will be completed by FY18, providing short-term revenue
visibility.

                       RATING SENSITIVITIES

Negative: A negative rating action could result from
deterioration in credit metrics due to a decline in
profitability.

Positive: A sustained increase in the scale of operations and
profitability, along with an improvement in credit metrics and
liquidity, will be positive for the ratings.

COMPANY PROFILE

N Swarna was established in 2000 as a proprietorship firm.  It is
a special class civil contractor and Class 1 electrical
contractor operating mainly in Telangana.


NANDI COTTON: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Nandi Cotton
Ginning Mill Private Limited's (NCGM) Long-Term Issuer Rating at
'IND BB-'.  The Outlook is Stable.  Instrument-wise rating
actions are:

   -- INR47.5 mil. (increased from INR42.6) Term loans affirmed
      with 'IND BB-/Stable' rating; and

   -- INR140.0 mil. Fund-based facilities affirmed with
      'IND BB-/Stable/IND A4+' rating

                        KEY RATING DRIVERS

The affirmation reflects NCGM's continued small scale of
operations and weak credit metrics.  Revenue declined to INR602
million in FY17 (Provisional) from INR669 million in FY16 on
account of lower revenue contribution from the group company, KKP
Group (contributed 80% to the top line until March 2016).
However, EBITDA margin improved to 7.1% in FY17P from 5.9% in
FY16 on account of normalization of cotton prices, which helped
reduce variable cost.  Consequently, net leverage (adjusted debt
net of cash/EBITDA) improved to 4.6x in FY17P (FY16: 5.0x) and
EBITDA interest coverage (operating EBITDA/gross interest
expense) to 2.1x (2.0x).

The management believes the top line will grow at a steady pace
over the short term on account of additional orders and launch of
business in the local market (Andhra Pradesh).

The ratings are also constrained by the company's tight liquidity
position with near full utilization of fund-based facilities over
the 12 months ended April 2017.

However, the ratings benefit from the promoters two decades of
experience in the textile business.

                       RATING SENSITIVITIES

Positive: Any substantial growth in the top line along with an
improvement in the EBITDA margin leading to a sustained
improvement in the credit metrics could be positive for the
ratings.

Negative: Any deterioration in the EBITDA margin leading to a
sustained deterioration in the credit metrics could be negative
for the ratings.

COMPANY PROFILE

Established as a private limited company in 2015, NCGM is engaged
in ginning and pressing of cotton with an installed capacity of
446,160 quintals per annum.  Nalligounder Chinnagounder,
Periasamy Nallathambi and Sudhakar Kola are the promoters.


P. D. SHAH: CRISIL Cuts Rating on INR25MM Cash Loan to 'B'
----------------------------------------------------------
CRISIL has been consistently following up with P. D. Shah and
Sons (part of the Shah group) for obtaining information through
letters and emails dated January 27, 2017, and February 24, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         .24       CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit          25.00       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

   Proposed Long Term    7.01       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

   Term Loan             5.75       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of P. D. Shah and Sons This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for P. D. Shah and Sons is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with Crisil B Rating category.or Lower' Therefore,
on account of inadequate information and lack of management co-
operation, CRISIL has downgraded the long term rating to 'CRISIL
B/Stable' and reaffirmed short term rating at 'CRISIL A4'.

P D Shah and Sons - Pune, a proprietorship concern established in
1972, is presently managed by Mr. Ashok P Shah. PD Shah & Sons '
Kolhapur, PD Shah & Sons ' Nashik, Mahalaxmi Distributors, and
the cold storage unit are owned by Mr. Shah and his family
members. The group mainly trades in milk and milk products. It is
also a carrying and forwarding agent and distributor for
companies such as Parag Milk Foods Pvt Ltd, Warana Dairy and Agro
Industries Ltd, Heritage Foods India Ltd, Gujarat Cooperative
Milk Marketing Federation Ltd, and Hindustan Unilever Ltd. The
group also operates a cold storage unit in Wai. P D Shah and Sons
Traders Pvt Ltd has taken over the existing businesses of P D
Shah & Sons ' Pune and Mahalaxmi Distributors from November 13,
2015.


PATNA BAKHTIYARPUR: Ind-Ra Affirms 'D' Rating on INR7.3BB Loan
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Patna
Bakhtiyarpur Tollway Limited's (PBTL) bank loans as:

   -- INR7.308.26 bil. (reduced from INR7.491.32) Bank loans
      affirmed with 'IND D' rating

                         KEY RATING DRIVERS

The affirmation reflects PBTL's continuous delays in debt
servicing since the last rating review.  Delays are mainly due to
a tight liquidity position because of low traffic revenue.

                        RATING SENSITIVITIES

Positive: Strong traffic recovery coupled with timely debt
servicing for at least three consecutive months could result in a
positive rating action.

COMPANY PROFILE

PBTL is a special purpose vehicle incorporated to implement a
50.65km lane expansion (four-laning) between Anisabad in Patna
and Bakhtiyarpur on the National Highway-30 (NH-30) in Bihar
under an 18-year concession from the National Highways Authority
of India National Highway Authority of India ('IND AAA'/Stable).
According to audited financial statement of FY16, PBTL recorded
revenue of INR659.80 million, EBITDA of INR362.47 million and
EBITA interest cover (EBITDA/finance cost) of 0.41x.


RABINDRA SURGICALS: CRISIL Cuts Rating on INR3MM Cash Loan to B
---------------------------------------------------------------
CRISIL has been consistently following up with Rabindra Surgicals
Private Limited (RSPL) for obtaining information through letters
and emails dated January 23, 2017, and February 13, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          4        CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL A4+')

   Cash Credit             3        CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Rabindra Surgicals Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Rabindra Surgicals Private
Limitedis consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with Crisil B Rating
category.or Lower' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
Downgrading the rating at 'CRISIL B/Stable/ CRISIL A4'.
RSPL was set up as a proprietorship concern by Mr. Rabindra
Narayan Senapati and his wife, Mrs. Sunita Senapati, in
Bhubaneswar (Odisha) in 1990. The firm was reconstituted as a
private limited company in 2005. RSPL trades in various medical
equipment and instruments related to diagnostics, surgery,
radiology, ophthalmology, neurosurgery, and dentistry; along with
ear-nose-throat (ENT) related instruments. The company also
undertake turnkey projects to set up modular operation theatres,
and oxygen and gas pipelining in hospitals. RSPL also provides
annual maintenance of, and servicing for equipment.


RAFFLES GREEN: CRISIL Raises Rating on INR4.95MM Term Loan to B-
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Raffles Green Pet India Private Limited (RGP) to 'CRISIL
B/Stable' from 'CRISIL C', and reaffirmed its rating on the
short-term facility at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        0.95       CRISIL A4 (Reaffirmed)

   Cash Credit           4.00       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL C')

   Proposed Long Term    0.10       CRISIL B-/Stable (Upgraded
    Bank Loan Facility              from 'CRISIL C')

   Term Loan             4.95       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL C')

The upgrade reflects CRISIL's belief that RGP's financial risk
profile will be supported over the medium term with expected
accruals through sufficient ramp-up in its scale of operations
along with strong and timely promoter's support. In the current
year 2017-18, the company's sales are expected to ramp-up in
excess of INR15 Cr. with moderate operating profitability of
around 5 per cent. Over the medium term, the ramp up of the scale
of operations and profitability would remain a key monitorable.

The rating reflects RGP's nascent stage and small scale of
operations in the highly competitive PET recycling industry,
large working capital requirement along with weak financial risk
profile marked by high gearing and below average debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters, and the
favourable location of its plant ensuring availability of raw
materials and labour.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirement: The company has working-
capital-intensive operations, marked by gross current assets of
about 160 days. CRISIL believes that RGP's operations will remain
working capital intensive over the medium term.

* Weak financial risk profile: RGP is expected to have an average
financial risk profile with high gearing and moderate debt
protection metrics. The project is majorly funded in the debt:
equity ratio of 1.50:1. Due to high working capital requirements,
the gearing is expected to be high in excess 3 times over the
medium term. With moderate profitability vs. debt levels, the
debt protection metrics are expected to be below average over the
medium term.

Strengths

* Prior experience of promoters in the industry: The promoters of
RGP have extensive experience in the industry. Backed by the
promoter's extensive experience, RGP is expected to have
established a stable customer base in the vicinity of its plant.
CRISIL believes that RGP will continue to benefit over the medium
term from the extensive experience of its promoters.

Outlook: Stable

CRISIL believes that RGP will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if RGP stabilises operations and reports
substantial revenue and profitability, leading to higher cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the company reports lower than expected scale of operations
and/or profitability, resulting in pressure on its liquidity.

Incorporated in 2013, Raffles Green Pet India Pvt. Ltd. (RGP) is
Kadi based company. It is setting up a unit to manufacture pet
flakes by recycling used PET bottles. The company is promoted by
Mr. Jerambhai Chhaganbhai Kalathiya and his younger brother, Mr.
Ankitbhai Mansukhbhai Ajani. The year 2015-16 was the first year
for the operations.

For 2015-16 (refers to financial year, April 1 to March 31), RGP
has net loss of INR1.55 Cr. on an operating income of INR9 lakhs.


RELIANCE COMMUNICATIONS: Fitch Cuts Long-Term IDRs to CCC
---------------------------------------------------------
Fitch Ratings has downgraded India-based Reliance Communications
Limited's (Rcom) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDRs) to 'CCC' from 'B+'. Fitch has also
downgraded the rating on Rcom's USD300 million 6.5% senior
secured notes due 2020 to 'CCC/RR4' from 'B+/RR4'. The Rating
Watch Negative on the IDRs and notes, which has been in place
since December 2016, has been removed.

KEY RATING DRIVERS

Poor Liquidity: Rcom's rating downgrade reflects Fitch's belief
that some kind of default is a real possibility. EBITDA declined
by 30% to INR49 billion in the financial year to end-March 2017
(FY17) from INR71 billion in FY16, and is likely to be
insufficient in the current financial year to meet annual
interest costs of INR35 billion and maintenance capex of INR15
billion. At end-March 2017, liquidity was poor with cash and
equivalents of INR14 billion - insufficient to pay short-term
debt of INR109 billion.

Excessive Refinancing Risk: Fitch believes that Rcom may struggle
to refinance its maturing short-term debt given declining EBITDA
and delays in executing asset sales. Rcom's capital structure is
unsustainable as FY17 FFO-adjusted net leverage was over 9.0x and
Fitch does not expects that operating cash flows will improve.

Business Model Compromised: Given its high level of debt, Fitch
believes that Rcom's business model is compromised due to fierce
price competition in the Indian mobile market. Rcom's market
position is weak and it has limited financial flexibility to
invest to strengthen its position or step-up marketing costs.
Fitch has a negative outlook on the Indian telco market as Fitch
expects the credit profiles of the top-four telcos to come under
pressure from tougher competition and larger capex requirement.
Competition is likely to remain intense as new entrant Reliance
Jio (Jio), part of Reliance Industries Ltd (BBB-/Stable), will
continue to offer cheaper tariffs to gain market share from
incumbents.

Rcom's size, scale and diversity will be much smaller should the
company complete the sale of its tower business and demerge the
wireless unit as planned. On a pro forma basis, the residual
company may have net debt and EBITDA of around USD1.5 billion-
USD1.6 billion and USD240 million-USD250 million, respectively,
in FY18. The pro forma financial numbers exclude those from
Global Cloud Xchange (GCX, B+/Stable), a sub-sea cable business
100% owned by Rcom, which has covenants restricting upstreaming
of cash to Rcom. At current and forecast levels of gearing, Fitch
does not believes GCX to be able to provide cash to support
Rcom's creditors.

Delays in Deal Execution: Fitch believes that weakening cash
generation from its core wireless business may hamper the plan to
demerge its wireless business into a 50:50 joint venture and sell
51% of its tower business, Reliance Infratel Ltd (Infratel). Even
if these transactions happen and debt is paid down, Fitch
believes the residual business is likely to be saddled with too
much debt. Management expects to complete the deals by end-
September 2017. The transactions are subject to approval from
lenders, shareholders and the Indian telecoms regulator.

DERIVATION SUMMARY

The rating action reflects Fitch's assessment that short-term
liquidity has deteriorated to a position where credit risk is
very high. Fitch believes that Rcom's business model is
compromised in the highly price-competitive market due to the
high level of debt and loss of market share to competitors with
greater resources. Its capital structure is unsustainable and it
has excessive refinancing risk given that Fitch expects cash
generation may decline. During FY17, Rcom's revenue and EBITDA
declined by 10% and 30% respectively. Fitch does not believes
that FY18 EBITDA will be sufficient to cover its annual interest
cost and maintenance capex requirements.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:

- Delays in execution of tower sale and demerger of wireless
   unit to lead to inadequate liquidity to pay short-term debt.

- Analytical deconsolidation of wireless JV, Infratel and GCX
   businesses because of their inability to provide cash to
   support Rcom's creditors.

- The wireless JV, Infratel and GCX businesses do not require
   equity from Rcom.

- Sale of 51% ownership in Infratel will reduce debt by INR110
   billion.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

- Liquidity improves such that Rcom is able to refinance its
   maturing short-term debt and pay for its interest costs and
   maintenance capex from its operating cash flows.

- Completion of sale of tower business and demerger of wireless
   unit leading to improved liquidity.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

- Fitch believes that liquidity has weakened such that default
   appears probable.

LIQUIDITY

Poor Liquidity: At end-March 2017, cash and equivalents were
INR14 billion - insufficient to pay for short-term debt of INR109
billion.


RIA HOTELS: Ind-Ra Affirms 'B+' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ria Hotels
Private Limited's (RHPL) Long-Term Issuer Rating at 'IND B+'.
The Outlook is Stable.  Instrument-wise rating action is:

   -- INR53.77 mil. (reduced from INR58.13) Term loan affirmed
      with 'IND B+/Stable' rating

                         KEY RATING DRIVERS

The affirmation reflects RHPL's continued moderate financial
performance in FY17, despite a marginal improvement in its debt
servicing capabilities.  The ratings also reflect the company's
small scale of operations and moderate credit metrics.  According
to provisional financials for FY17, revenue was INR16.0 million
(FY16: 13.4 million), interest coverage was 2.5x (2.5x) and net
financial leverage was 3.4x (4.3x).

However, the ratings continue to be supported by RHPL's practice
of depositing the entire rent collected in an escrow bank
account, which allows it to use the residual cash only after
meeting its debt service obligations.

The ratings also continue to benefit from RHPL's 30-year lease
agreement (entered in 2007) with M/s. Bestech Hospitalities
Private Limited, and its operational track record of over a
decade in the real estate and development business.

                        RATING SENSITIVITIES

Positive: A substantial improvement in the credit profile will be
positive for the ratings.

Negative: Termination of lease agreement by the tenants could
result in a rating downgrade.

COMPANY PROFILE

RHPL was incorporated in 2006 by Mr. Gurjeet Singh Chhabra and
Mrs. Prabjot Kaur Chhabra, with registered office in Indore,
Madhya Pradesh.  The company was primarily established to operate
hotels.  RHPL owns an 81,209.002sf land at scheme 94-C, Ring
Road, Indore, which is leased to M/s Bestech Hospitalities.  A
Radisson hotel has been constructed on the leased land parcel.


ROSE INDUSTRIES: CRISIL Assigns 'B' Rating to INR6MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Rose Industries (RI). The rating reflects the
firm's small scale of operations in the highly fragmented
agricultural commodities industry, and susceptibility of
profitability to volatility in commodity prices. These weaknesses
are partially offset by its proprietor's extensive industry
experience.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            6         CRISIL B/Stable
   Term Loan              1.6       CRISIL B/Stable

Analytical Approach

For arriving at the rating, CRISIL has treated the firm's
unsecured loans from its proprietor as neither debt nor equity as
the loans carry lower interest than the market rate and should
remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in a highly competitive industry
RI's scale of operation has been small, indicated by turnover of
INR22.2 crore in fiscal 2016, in the highly fragmented (because
of low capital requirement) and competitive agricultural
commodities industry in India.

* Susceptibility of operating margin to volatility in commodity
prices, and to rainfall
RI's operating margin has been modest, at 3-4%, due to low value
addition, and has fluctuated on account of volatility in
commodity prices. Also, prices depend on factors such as rainfall
and government regulations.

Strength

* Extensive industry experience of the proprietor, leading to
established relationships with customers and suppliers
The proprietor, Mr Gulab Chand Jain, has been in the agricultural
commodities trading business for over 20 years through JLF
Distributors Pvt Ltd and Shreeji Agro Trading. His experience has
led to established relationships with distributors/retailers, and
has helped RI establish healthy relationships with local
suppliers, leading to timely delivery of raw material.

Outlook: Stable

CRISIL believes RI will continue to benefit from its proprietor's
extensive industry experience and funding support, resulting in a
comfortable financial risk profile. The outlook may be revised to
'Positive' if revenue and profitability increase, leading to
higher-than-expected cash accrual. The outlook may be revised to
'Negative' if lower-than-expected accrual or weakening of working
capital management affects the financial risk profile and
liquidity.

RI is a proprietorship firm based in Kota, Rajasthan. The firm
was established in 2015 and processes (mills, polishes, and
sorts) wheat. The firm was established by Mr Gulab Chand Jain.

In fiscal 2017, net profit was INR0.02 crore on operating income
of INR22.15 crore, against a net loss of INR0.11 crore on
operating income of INR20.34 crore in fiscal 2016.


S P IRON: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
---------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of S P Iron Pvt Ltd (SPIPL).

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bill Discounting       3       CRISIL B+/Stable (Reaffirmed)
   Cash Credit           10       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       2       CRISIL A4 (Reaffirmed)


Revenue declined 14% in fiscal 2017 because of the impact of
demonetisation in November and December 2016. However, CRISIL
expects revenue growth of 10% per fiscal over the medium term,
and net profitability margin of 0.2-0.4%, in line with the past
trend. However, profitability will remain susceptible to
fluctuations in steel prices.

Liquidity will be supported by adequate cash accrual to meet debt
obligation over the medium term, and unsecured loans from
promoters and related parties (Rs 0.48 crore as on March 31,
2017). Bank limit utilisation was moderate, at an average of 88%
over the 12 months through March 2017.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in a fragmented industry: With
estimated operating income of INR42.07 crore in fiscal 2017,
scale remains modest. Although revenue is expected to improve
over the medium term, it will remain modest, amid intense
competition in the steel trading business.

* Weak financial risk profile: Total outside liabilities to
tangible networth ratio was high, at 4.48 times as on March 31,
2017, and debt protection metrics were weak, with interest
coverage and net cash accrual to total debt ratios at 1.15 times
and 0.02 time, respectively, in fiscal 2017. The financial risk
profile will remain weak over the medium term because of
continued low operating margin and sizeable working capital debt.

* Large working capital requirement: Gross current assets (GCAs)
are estimated at 198 days as on March 31, 2017, because of
receivables and inventory of 182 days and 11 days, respectively.
Operations are likely to remain working capital intensive over
the medium term, with GCAs expected at 160-170 days.

Strengths

* Extensive experience of promoters: Presence of more than two
decades in the steel industry has enabled the promoters to
establish strong relationships with suppliers and customers, and
develop industry insight.

Outlook: Stable

CRISIL believes SPIPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if capital structure improves because of
fresh capital infusion of or better-than-expected cash accrual.
The outlook may be revised to 'Negative' if profitability or
revenue declines, or if working capital cycle increases, leading
to deterioration in the financial risk profile, particularly
liquidity.

SPIPL was set up by Mr Pradeep Kumar Singhal as a proprietorship
firm in 1999, and was reconstituted as a private limited company
in 2005 with Mr Sandeep Kumar Singhal joining as promoter. It
trades in iron and steel materials such as hot-rolled
coils/sheets, cold-rolled coils/sheets, mild steel plates,
angles, channels, flats, billets and ingots. It is based in
Faridabad.

Profit after tax (PAT) is estimated at INR0.07 crore on net sales
of INR42.07 crore in fiscal 2017, vis-a-vis INR0.03 crore and
INR49.14 crore, respectively, in fiscal 2016.


SATYAM SPINNERS: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Satyam Spinners
Pvt Ltd's (SSPL) Long-Term Issuer Rating at 'IND BB'.  The
Outlook is Stable.  The instrument-wise rating action is:

   -- INR155 mil. Fund-based limits affirmed with 'IND BB/Stable'
      rating

                        KEY RATING DRIVERS

The affirmation reflects SSPL's continued moderate scale of
operations and weak credit metrics, and low EBITDA margin owing
to its presence in a highly competitive industry, which is
vulnerable to fluctuations in the price of raw cotton.  As per
provisional financials for FY17, revenue declined to INR1.159.67
billion (FY16: INR1.682.48 billion) on account of lower
realisations, resulting from the government's demonetisation
initiative, which came into effect just before the new cotton
season, leading to low demand.  Gross EBITDA interest coverage
was 1.7x in FY17P (FY16: 1.5x), net financial leverage was 6.0x
(6.3x) and EBITDA margin was 3% (2%).

The ratings are also constrained by SSPL's tight liquidity
position as reflected by 98.35% maximum average utilization of
fund-based limits over the 12 months ended April 2017.

However, the ratings benefit from the founders' experience of
more than two decades in the cotton yarn manufacturing business.

                        RATING SENSITIVITIES

Positive: An increase in the scale of operations along with an
improvement in the operating profitability, leading to an
improvement in the credit metrics could lead to a positive rating
action.

Negative: Deterioration in the credit metrics could lead to a
negative rating action.

COMPANY PROFILE

SSPL has been promoted by Mr. Bhupendra Singh Rajpal and
Mr. Chetan Kumar Agarwal of the Manjeet Group in Sendhwa, Madhya
Pradesh.  It was incorporated in 1990 for setting-up a spinning
unit to manufacture yarn at Sendhwa, and commenced operations in
1993, with an annual production capacity of 1,450 metric tonnes
of cotton yarn.  Currently, the company has an annual capacity of
2,400 metric tonnes with 15,336 spindles.


SCODA TUBES: Ind-Ra Assigns 'B' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Scoda Tubes
Limited (SCTL) a Long-Term Issuer Rating of 'IND B'.  The Outlook
is Stable.  The instrument-wise rating actions are:

   -- INR92.5 mil. Fund-based limit assigned with 'IND B/Stable'
      rating; and

   -- INR32.5 mil. Non-fund-based limit assigned with 'IND A4'
      rating

                        KEY RATING DRIVERS

The ratings reflect SCTL's small scale of operations and moderate
credit profile.  According to the FY17 provisional financials,
revenue improved to INR206 million (FY16: INR128 million) because
of an increase in the sales volume of the tubes and pipes
manufactured.  Also, interest coverage improved marginally to
1.5x in FY17 (FY16: 1.4x) on account of a decline in the interest
cost. However, the operating EBITDA margins declined to 13.7% in
FY17 (FY16: 23.4%), due to an increase in the overhead expenses,
resulting in the net leverage deteriorating to 7.1x (5.5x).

The ratings factor in SCTL's tight liquidity position, indicated
by its almost full use of the working capital limits during the
six months ended March 2017.  Also, the net working capital cycle
days is long (FY17: 434 days; FY16: 548 days) due to a large
inventory holding.

The ratings also factor in the company's director's decade-long
experience in manufacturing stainless steel tubes and pipes.

                       RATING SENSITIVITIES

Negative: A decline in the operating margins leading to
deterioration in the credit metrics would be negative for the
ratings.

Positive: An increase in the revenue along with improvement in
the net working capital cycle would be positive for the ratings.

COMPANY PROFILE

Incorporated in November 2008, SCTL commenced commercial
operations in September 2010.  It manufactures stainless steel
seamless and welded tubes, pipes and U tubes and has an installed
capacity of 700MT.


SHREE HANUMAN: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shree Hanuman
Mosaic & Marble (SHMM) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.  The instrument-wise rating actions are:

  -- INR50 mil. Fund-based limits assigned with 'IND BB-/Stable'
     rating; and

  -- INR5.84 mil. Term loan assigned with 'IND BB-/Stable' rating

                         KEY RATING DRIVERS

The ratings reflect SHMM's moderate scale of operations and
credit metrics. According to financials for 11MFY17, revenue was
INR141 million (FY16: INR168 million) and operating EBITDA margin
was 6.4% (9.3%).  The decline in revenue and operating EBITDA
margin was due to a decline in sales volume.  Meanwhile, in FY17,
interest coverage (operating EBITDA/gross interest expense) was
1.0x (FY16: 1.7x) and net leverage (total adjusted net
debt/operating EBITDAR) was 0.9x (6.1x).  The deterioration in
interest coverage was owing to a decline in revenue and operating
EBITDA margin on account low debt availed due to low sales
volume.

Ind-Ra expects revenue to have stood at about INR150 million in
FY17.  Moreover, the agency expects EBITDA margin and interest
coverage to have marginally improved in FY17, given expenses with
regard to sales in March 2017 were booked in 11MFY17 financials.

The ratings also reflect SHMM's liquidity position, indicated by
almost full use of its working capital limits during the 12
months ended March 2017.

The ratings, however, are supported by the promoters' over two
decades of experience in the trading of marble, tiles and
sanitary goods.

                        RATING SENSITIVITIES

Negative: A decline in EBITDA margin leading to deterioration in
credit metrics would be negative for the ratings.

Positive: An increase in revenue, along with the maintenance of
credit metrics at existing levels, would be positive for the
ratings.

COMPANY PROFILE

Incorporated in 1995, SHMM is a proprietorship firm engaged in
the trading of tiles, marbles and sanitary ware.


SHREE VAISHNAV: CRISIL Reaffirms D Rating on INR67.03MM Cash Loan
-----------------------------------------------------------------
CRISIL has been consistently following up with Shree Vaishnav
Casting Private Limited (SVCPL) for obtaining information through
letters and emails dated January 24, 2017, and February 14, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          8        CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit             47       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Letter of Credit        42       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Short Term     30.97    CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

   Standby Line of          5.00    CRISIL D (Issuer Not
   Credit                           Cooperating; Rating
                                    Reaffirmed)


   Term Loan               67.03    CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shree Vaishnav Casting Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Shree Vaishnav Casting Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with Crisil B
Rating category or lower.' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
reaffirming the rating at 'CRISIL D/CRISIL D'.

SVCPL, incorporated in 2007, manufactures mild steel billets. The
company has its manufacturing facilitates in Nashik (Maharashtra)
and registered office in Mumbai (Maharashtra). SVCPL is also
setting up a rolling mill in Nashik.


SHRI SHIV: CRISIL Reaffirms 'D' Rating on INR10.32MM LT Loan
------------------------------------------------------------
CRISIL has been consistently following up with Shri Shiv Shakti
Cot Fab Private Limited (SSSCF) for obtaining information through
letters and emails dated November 21, 2016, and December 22,
2016, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            1.5       CRISIL D (Issuer Not
                                    Cooperating; Reaffirmed)

   Proposed Long Term    10.32      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Reaffirmed)

   Term Loan              8.18      CRISIL D (Issuer Not
                                    Cooperating; Reaffirmed)

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shri Shiv Shakti Cot Fab
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Shri Shiv Shakti Cot
Fab Private Limited is consistent with 'Scenario 1' outlined in
the 'Framework for Assessing Consistency of Information with
Crisil B Rating category.or Lower' Therefore, on account of
inadequate information and lack of management co-operation,
CRISIL is Reaffirming the rating at 'CRISIL D'.

Incorporated in 2012, SSSCF is promoted by Ahmedabad (Gujarat)-
based Sindhav family. It undertakes jobwork for dyeing grey
fabric and has installed capacity of close to 150,000 metres per
annum. It commenced operations in December 2013.


SIVA FILLING: CRISIL Assigns B+ Rating to INR3.3MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Siva Filling Station (SFS).The rating
reflect Firm's modest scale of operations and  Low profitability
driven by trading nature of operations. These rating weakness are
partially offset by long standing experience of management and
association with principal.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            1.7       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility     3.3       CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weaknesses

* Firm's modest scale of operations
The firm has modest scale of operations at INR45 Crore as on
March 31, 2017

* Low profitability driven by trading nature of operations.
The firm has recorded low operating profitability of 0.5% as on
March 31, 2017.

Strengths

* Long standing experience of management and association with
principal
The promoters of the Firm are Mr. Vudutha Venu Gopal and Ms.
Vudutha Bharati. Mr Venu Gopal aged 33 years is M.Com and has
managed petro bunks since 2004 before taking over the SFS from
previous dealers.

Outlook: Stable

CRISIL believes SFS will continue to benefit over the medium term
from promoters' industry experience and established tie-ups with
clients. The outlook may be revised to 'Positive' if the firm's
operations and profitability improve, while it prudently manages
working capital requirements. Conversely, the outlook may be
revised to 'Negative' if SFS's liquidity weakens due to decline
in revenue and profitability, or stretched working capital cycle.

Incorporated in the year 2007 as partnership firm SFS undertakes
trading of petrol, diesel, lubricants and spares. The Firm runs 1
petrol bunks in Peraicherla Village, Medikondur Mandal in the
Guntur District of Andhra Pradesh. The Firm is promoted by Mr.
Vudutha Venu Gopal and Vudutha Bharati.

The Firm has recorded PAT of INR0.08 Crores on Operating income
of 29.9 Crores for the fiscal 2016 vis-a-vis PAT of INR 0.09
Crore on Operating Income of INR29.4 Crore for the fiscal 2015.


SMART AGRO: CRISIL Assigns 'B' Rating to INR27MM Term Loan
----------------------------------------------------------
CRISIL has assigned its CRISIL B/Stable rating to the long-term
bank loan facilities of Smart Agro Food Park Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              27        CRISIL B/Stable

The ratings reflect the company's exposure to risks related to
implementation of its project, which is in the initial stage.
These weaknesses are partially offset by its promoters' extensive
business experience and Government support to project by funding
grant.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to project implementation risks
Timely implementation of the company's mega food park, timely
receipt of government grants, and stabilisation of operations are
key rating sensitivity factors. The project is expected to
commence operations from December 2017.

Strengths

* Extensive experience of the promoters:
The Company will benefit from the extensive experience of the
promoters.

* Government support to project by funding grant
Funding risk is partly mitigated as around 45% of project cost is
funded through grant from Ministry of Food Processing Industries
(MoFPI) Timely realization of this grants remains key
monitorable.

Outlook: Stable

CRISIL believes that SAFPPL will continue to benefit from the
extensive business experience of its promoters coupled with their
funding support. The outlook may be revised to 'Positive' if
timely completion, implementation and stabilization of the
project leads to anticipated revenue, profitability and cash
accrual during the initial phase of operations. The outlook may
be revised to 'Negative' if delay in the implementation or
stabilization of project leads to lower revenue, cash accrual or
a stretch in working capital cycle weakens the financial risk
profile, especially liquidity.

Smart Agro Food Park Pvt Ltd incorporated in the 26th May 2014 is
a Special Purpose Vehicle that has been incorporated set up a
Mega Food Park in the Nizamabad District of erstwhile Andhra
Pradesh under the Ministry of Food Processing Industries' Mega
Food Parks Scheme.


SUSHITEX INDUSTRIES: CRISIL Reaffirms B+ Rating on INR18MM Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Sushitex
Industries Private Limited (SIPL) for obtaining information
through letters and emails dated January 24, 2017, and February
14, 2017, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          1        CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit             3        CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Export Packing         13.5      CRISIL B+/Stable (Issuer Not
   Credit                           Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term      4.57     CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

   Term Loan              18.00     CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sushitex Industries Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Sushitex Industries Private
Limited is consistent with 'Scenario 2' outlined in the
'Framework for Assessing Consistency of Information with Crisil
BB Rating category or lower.' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
reaffirming the rating at 'CRISIL B+/Stable/CRISIL A4'.

SIPL, set up in 2011, manufactures fabric used for making shirts.
Its manufacturing facilities are in Tarapur (Maharashtra) and
operations are managed by Mr. Harish Arya and his family members.


SWATI CONCAST: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Swati Concast &
Power Pvt. Ltd.'s Long-Term Issuer Rating to the non-cooperating
category.  The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the
agency.  Therefore, investors and other users are advised to take
appropriate caution while using these ratings.  The rating will
now appear as 'IND BB+(ISSUER NOT COOPERATING)' on the agency's
website.  The instrument-wise rating actions are:

  -- INR90 mil. Fund-based working capital limit migrated to non-
     cooperating category;

  -- INR10 mil. non-fund-based working capital limit migrated to
     non-cooperating category

Note: ISSUER NOT COOPERATING: The ratings were assigned on
March 14, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2003, Swati Concast & Power manufactures pig
iron. Its manufacturing facilities are located in Giridih,
Jharkhand with a total installed capacity of 50,400MTPA.  The
company belongs to the Swati group of companies, which is headed
by Kejriwal family based in Jharkhand.


SWIZZER CERAMIC: CRISIL Raises Rating on INR21.5MM Loan to BB-
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Swizzer
Ceramic Private Limited (SCPL) to 'CRISIL BB-/Stable/CRISIL A4+'
from 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          4        CRISIL A4+ (Upgraded from
                                    'CRISIL A4')
   Cash Credit             6        CRISIL BB-/Stable (Upgraded
                                    from 'CRISIL B+/Stable')

   Long Term Loan         21.5      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The upgrade reflects an expectation of sustained improvement in
the financial risk profile backed rising cash accrual, continued
funding support from the promoters, and absence of any capital
expenditure (capex). Sales were INR48 crore and cash accrual INR4
crore in fiscal 2017, the first full fiscal of operations. Over
the medium term, cash accrual is expected to increase to INR5-6
crore, backed by a turnover growth of 20%, per fiscal.
Furthermore, the promoters are likely to continuously provide
support through unsecured loans.

The ratings reflect the extensive experience of the promoters in
the ceramics industry, their funding support, and benefits from
the proximity of the manufacturing facilities to raw material and
labour sources. The ratings also factor in moderate capital
structure and debt protection metrics. These strengths are
partially offset by a modest, though increasing, scale, and
working capital-intensive nature, of operations in an intensely
competitive industry.
Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
from the promoters as neither debt nor equity as they are
interest free, subordinated to bank borrowings, and expected to
be retained in the company.

Key Rating Drivers & Detailed Description

Strengths

* Extensive industry experience of the promoters: The promoters
have an experience of more than a decade in the ceramics
industry. This has helped to understand market dynamics and
leverage their established relationship with suppliers and
customers.

* Proximity of the manufacturing facility to raw material and
labour sources: The manufacturing unit in Morbi, Gujarat,
provides easy access to clay (main raw material), contractors,
and skilled labourers, and other critical infrastructure (gas and
power). Also, transportation cost is low as Morbi is close to
Kandla and Mundra ports.

* Moderate financial risk profile: The networth and gearing were
at INR25 crore and 1.9 times, respectively, as on March 31, 2017.
Debt protection metrics were adequate, with interest coverage and
net cash accrual to total debt ratios at 2.25 times and 0.16
time, respectively, for fiscal 2017.

Weaknesses

* Modest scale of operations: Though sales have improved
significantly in fiscal 2017, the company remains a modest
player. With capacity of 69,750 tonne per annum, the scale of
operations is likely to remain small in the intensely competitive
ceramic tiles industry that has many small and large players.

* Working capital-intensive operations: Gross current assets were
more than six months as on March 31, 2017.

Outlook: Stable

CRISIL believes SCPL will continue to benefit from the industry
experience of its promoters and their funding support. The
outlook may be revised to 'Positive' if higher-than-expected
sales and stable operating profitability lead to healthy cash
accrual and an improved financial risk profile. The outlook may
be revised to 'Negative' if low operating margin, a stretched
working capital cycle, or any large capex significantly weakens
the financial risk profile.

SCPL was established in 2014 by Mr Umang Dinesh Gohel, Mr
Rajendra Dhanji Zulasana, Mr Manish Prabhubhai Bhalodiya, Mr
Suresh Durlabhji Bhalodiya, and Mr Piyush Dharamshi Patel. The
company manufactures glazed vitrified tiles of various sizes at
its facilities in Morbi. It commenced commercial operations from
August 2015.

In fiscal 2017, on a provisional basis, profit after tax (PAT)
was INR0.07 crore on sales of INR48.4 crore; PAT was INR0.02
crore on sales of INR28.8 crore in the previous fiscal.


TEKNOFLOW GREEN: CRISIL Cuts Rating on INR9.50MM Loan to 'B'
------------------------------------------------------------
CRISIL has been consistently following up with Teknoflow Green
Equipments Private Limited (TGEPL) for obtaining information
through letters and emails dated January 24, 2017, and
February 14, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           3.75       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

   Term Loan             9.50       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Teknoflow Green Equipments
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Teknoflow Green
Equipments Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with Crisil B Rating category.or Lower' Therefore, on
account of inadequate information and lack of management co-
operation, CRISIL is Downgrading the rating at 'CRISIL B/Stable'

The Teknoflow group, based at Nashik and promoted by Mr. Lakshman
Pachkwade is engaged in fabrication and exports exhaust systems,
storage tanks, and acoustical structures. It currently derives
most of its revenue from exhaust systems supplied for its key
customer Universal AET, USA.

TI, a proprietorship has been into fabrication business for the
past two decades. TGEPL, was incorporated in 2012, to set up a
larger fabrication facility for the group and to foray into
larger product categories. TGEPL commenced commercial operations
in 2015-16 (refers to financial year, April 1 to March 31).


TULI MOTORS: CRISIL Reaffirms 'B-' Rating on INR6.0MM Loan
----------------------------------------------------------
CRISIL has been consistently following up with Tuli Motors
Private Limited (TMPL) for obtaining information through letters
and emails dated January 19, 2017, and February 9, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Fund-         4.7       CRISIL B-/Stable (Issuer Not
   Based Bank Limits                Cooperating; Rating
                                    Reaffirmed)

   Working Capital        1.8       CRISIL B-/Stable (Issuer Not
   Facility                         Cooperating; Rating
                                    Reaffirmed)

   Working Capital        6.0       CRISIL B-/Stable (Issuer Not
   Loan                             Cooperating; Rating
                                    Reaffirmed)

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Tuli Motors Private Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Tuli Motors Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with Crisil B Rating
category.or Lower' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
Reaffirming the rating at 'CRISIL B-/Stable'.

Incorporated in 2012, TMPL is a dealer for Tata Motors Limited's
(TML's) passenger cars. It operates one showroom cum service
station in Delhi. The company is promoted by Delhi based Singh
family. Mr. Arvinder Singh manages its day to day operations.


VARDHMAN ISPAT: CRISIL Lowers Rating on INR15MM Cash Loan to B
--------------------------------------------------------------
CRISIL has been consistently following up with Vardhman Ispat
Udyog (VIU) for obtaining information through letters and emails
dated November 30, 2016, and January 17, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             15       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB/Stable')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Vardhman Ispat Udyog. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Vardhman Ispat Udyog is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with Crisil B Rating category.or Lower' Therefore,
on account of inadequate information and lack of management co-
operation, CRISIL is Downgrading the rating at 'CRISIL B/Stable'.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of VIU, Pratul Enterprises Pvt Ltd
(PEPL), and Moonak Ispat Udyog (MIU), together referred to as the
Pratul group. This is because all these entities are under a
common management, and in the same line of business with moderate
business inter-linkages and fungible finances.

VIU, established in 2005, is a partnership firm promoted by Mr.
Pradeep Garg and Mr Subodh Kumar. PEPL, incorporated in 2012, is
promoted by Mr Pradeep Garg and Mr Subodh Kumar. MIU, established
in 2009, is a proprietorship firm promoted by Mr. Pradeep Garg.
All these entities trade in thermo mechanically treated (TMT)
bars and structural steel products, and are authorised
distributors of KIL's steel products in Punjab.


VENUS GARMENTS: CRISIL Raises Rating on INR73.83MM Loan to B-
-------------------------------------------------------------
CRISIL has revised its ratings on the bank facilities of Venus
Garments India Limited (VGIL) from 'CRISIL B+/Stable/CRISIL A4'
to 'CRISIL D/CRISIL D' and simultaneously upgraded the ratings to
'CRISIL B-/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Letter of credit      14.91     CRISIL A4 (Revised from
   & Bank Guarantee                'CRISIL A4' to 'CRISIL D'
                                   and simultaneously upgrade
                                   to 'CRISIL A4')

   Proposed Long Term     3.17     CRISIL B-/Stable (Revised
   Bank Loan Facility              from 'CRISIL B+/Stable' to
                                   'CRISIL D' and simultaneously
                                   upgraded to 'CRISIL B-/Stable)

   Term Loan             73.83     CRISIL B-/Stable (Revised
                                   from 'CRISIL B+/Stable' to
                                   'CRISIL D' and simultaneously
                                   upgraded to 'CRISIL B-/Stable)

   Working Capital       69.00     CRISIL B-/Stable (Revised
                                   from 'CRISIL B+/Stable' to
                                   'CRISIL D' and simultaneously
                                   upgraded to 'CRISIL B-/Stable)

The rating revision takes into account the company's delay in
servicing of debt till November 2016, owing to stretched
liquidity due to higher than expected working capital
requirements. The ratings have been upgraded because bank has
allowed holding on operations of the account till September 2017,
and repayment of debt obligation is being done though 13 per cent
retention of funds from receivable collection.

The ratings continue to reflect the company's weak liquidity due
to large debt repayment obligations, stretch in working capital
cycle and its weak financial risk profile, marked by a negative
net worth, and weak debt protection metrics. The ratings are also
constrained by the susceptibility of VGIL's revenue to economic
downturns in the overseas market, and to fluctuations in foreign
exchange rates. These rating weaknesses are partially offset by
the extensive experience of VGIL's promoters in the textile
industry, its established relationships with global retailers,
and its healthy operating capabilities.

Key Rating Drivers & Detailed Description

Weakness

* Weak liquidity
Driven by working capital-intensive operations along with
sizeable repayment obligation, liquidity is very weak. The cash
accrual are expected to remain insufficient against repayment
obligation. Further its dependency on external borrowing is very
high as bank limits are fully utilised and even instances of
overdrawn. In the medium term VGIL's liquidity is expected to
remain weak.

* Weak financial risk profile
Financial risk profile is below average because of negative
networth, and working capital intensive operation leading to high
dependency on external debt. Its debt protection indicators are
also weak owing to high intense expenses and moderate operating
margin. In the medium term the financial risk profile is expected
to remain weak.

* Susceptibility to economic downturn in overseas market and to
fluctuations in forex rates
VGIL is exposed to risks related to economic downturn in its
major overseas markets, including the US and Europe. The company
derives, nearly 70 percent of revenue was derived from exports to
the US, Europe, Mexico, and Canada. Additionally, VGIL is exposed
to risks related to any change in the procurement policy of its
major client, Walmart Inc. As against export revenue, entire raw
material is procured from the domestic market. Hence, VGIL should
remain exposed to risks related to economic downturn in its major
overseas markets and to fluctuations in forex rates.

Strengths

* Promoter's experience, healthy relation with customers, and
efficient supply chain management
VGIL's promoter, Mr. Anil Jain, has over 35 years of experience
in the textile business. He is a first-generation entrepreneur
who has grown the company's business to its current size. Under
Mr. Jain's leadership, VGIL expanded multi-fold. The company has
been able to establish and maintain strong relations with many
large global retailers, including Wal-Mart Inc, The Children's
Palace, Carrefour, and Commercial Zadaro, Mexico. VGIL was also
awarded the Supplier of the Year title by Wal-Mart Inc in 2007.
The quality and reliability of VGIL's products help win more
clients; the company has been able to diversify its customer base
in newer markets of Mexico and Canada.

Outlook: Stable

CRISIL believes VGIL will maintain its business risk profile
backed by its promoters' extensive industry experience and its
established customer relationships. The outlook may be revised to
'Positive' if the company reports better than expected cash
accruals, or if its promoters infuse substantial capital, leading
to improved liquidity profile. Conversely, the outlook may be
revised to 'Negative' in case of further deterioration in
liquidity primarily due to lower than expected cash accruals or
delay in restructuring beyond September 2017.

Incorporated in 1999, VGIL manufactures and exports readymade
garments. Its products include polo shirts, T-shirts, jogging
suits, sweat shirts, thermal wear, and sweaters, which are mainly
exported to the US, Europe, Mexico, Canada, and other countries.

Profit after tax was INR8.53 crore on net sales of INR285 crore
for fiscal 2016 against INR7.3 crore and INR269.57 crore,
respectively, for fiscal 2015.


VOHRA SOLVEX: CRISIL Reaffirms 'B' Rating on INR9MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facility of Vohra Solvex Private Limited (VSPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             9        CRISIL B/Stable (Reaffirmed)

The business risk profile is expected to remain stable over the
medium term driven by the extensive experience of the promoter in
the rice milling industry and an established relationship with
customers. A moderate growth in operating income by 6-8% per
annum is expected over the medium term. The operating margin is
likely to remain low at 2.3-2.4% over this period.

Working capital management has been prudent, but low cash accrual
led to high dependency on bank lines as evident in average
utilisation of 91% over the 12 months through March 2017.
Liquidity is, however, supported by funding support in form of
unsecured loans from the promoters and the absence of any debt-
funded capital expenditure (capex) plans over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile
The total outside liabilities to tangible networth ratio is high,
estimated at 5.53 times as on March 31, 2017. The debt-protection
metrics are weak, with interest coverage ratio estimated at 1.22
times for fiscal 2017. A small networth, estimated at INR1.96
crore as on March 31, 2017, constrains financial flexibility.
While the financial metrics will improve in the absence of debt-
funded capex plans, they will remain weak because of low
profitability.

* Modest scale of operations amid intense competition
Operating revenue is estimated at INR53.0-54.0 crore for fiscal
2017. This limits the advantages of economies of scale available
to players with larger volumes. Besides, the resilience of a
player with a larger scale of operations to external shocks is
significantly higher than one with a smaller scale of operations.

Strengths

* Extensive industry experience of the promoters
The promoters, Mr Pankaj Vohra and his family, have been in the
rice processing business since 1993.  This has resulted in an
understanding of the dynamics of the local market and an
established relationship with customers and suppliers, and has
led to a compound annual growth of 24% over the four fiscals
through 2017. The company is expected to continue to benefit from
the strong industry experience of the promoters, resulting in
sustained revenue growth of 6-8% per annum over the medium term.

* Moderate working capital management
Gross current assets are estimated at 82 days as on March 31,
2017. Credit of 25-30 days is provided to customers, but
realisation is mostly within 5-7 days of sales on account of a
healthy relationship with them. Raw material inventory of 60 days
is maintained, which comprises rice bran for 15-20 days and de-
oiled rice bran for 40-45 days. As against this, rice bran is
procured from local rice millers in Punjab on 7-10 days of
credit. The prudent working capital management is likely to be
maintained over the medium term.

Outlook: Stable

VSPL will continue to benefit from the extensive industry
experience of its promoters. The outlook may be revised to
'Positive' if the financial risk profile improves, driven by
higher-than-expected cash accrual or infusion of equity. The
outlook may be revised to 'Negative' in case of low cash accrual,
large working capital requirement, or substantial, debt-funded
capex, weakening liquidity.

Incorporated in 2003, VSPL extracts rice bran oil, produces de-
oiled rice bran, and trades in rice bran. The company's
processing facility at Faridkot, Punjab, has a total extraction
capacity of about 100 tonne per day, which remains utilised at
85%.

Profit after tax is estimated at INR7 lakh on net sales of
INR53.40 crore for fiscal 2017, against INR8 lakh and INR50.75
crore, respectively, in fiscal 2016.


YOUNG BRAND: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Young Brand
Apparel Private Limited's (YBA) Long-Term Issuer Rating at
'IND BB+'.  The Outlook is Stable.  Instrument-wise rating
actions are:

  -- INR255.5 mil. (increased from INR213.01) Term loans affirmed
     with 'IND BB+/Stable' rating;

  -- INR354.0 mil. (increased from INR200) Fund-based facilities
     affirmed with 'IND BB+/Stable' rating; and

  -- INR328.3 mil. (increased from INR100) Non-fund-based
     facilities affirmed with 'IND BB+/Stable/IND A4+' rating

                         KEY RATING DRIVERS

The affirmation reflects YBA's sustained moderate credit profile.
As per provisional financials for FY17, revenue marginally
improved to INR1,677 million (FY16: INR1,642 million) and EBITDA
margin to 8.6% (7.0%).  The improvement in the EBITDA margin was
on account of the reduction in variable costs driven by
modernization of machineries.  Revenue grew at a CAGR of 5.7%
over FY13-FY17P due to increased orders from existing and new
customers and the modernization of the machineries with an
installed capacity of 75,000 pieces per month in FY17.  The
company's capacity utilization was 91.5% in FY17.

Net leverage (total Ind-Ra adjusted net debt/operating EBITDAR)
was 4.19x in FY17P (FY16: 5.5x) and net interest coverage
(operating EBITDA/gross interest expense) was 2.8x (2.7x).  Ind-
Ra expects the credit metrics to improve over the medium term on
the back of scheduled repayment of term loan, along with an
improvement in EBITDA.

The ratings are further constrained by YBA's moderate liquidity
position with 82.2% maximum average utilization of fund-based
facilities during the 12 months ended April 2017.

However, the ratings are supported by the promoters' a decade-
long experience in the same line of business.

                       RATING SENSITIVITIES

Positive: Sustained improvement in the operating profitability
leading to a sustained improvement in the credit metrics will be
positive for the ratings.

Negative: Any deterioration in the EBITDA margin leading to a
sustained deterioration in the credit metrics could be negative
for the ratings.

COMPANY PROFILE

YBA commenced production in 2010 and is involved in manufacturing
and exporting of undergarments and knitted apparel.


ZURI HOTELS: CRISIL Lowers Rating on INR2MM Term Loan to 'B'
------------------------------------------------------------
CRISIL has been consistently following up with Zuri Hotels and
Resorts Private Limited (ZHRPL) for obtaining information through
letters and emails dated January 19, 2017, and February 9, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft               2       CRISIL A4 (Issuer Not
                                   Cooperating; Rating
                                   Reaffirmed)

   Term Loan               2       CRISIL B/Stable (Issuer Not
                                   Cooperating; Downgraded
                                   from 'CRISIL B+/Stable')

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Zuri Hotels and Resorts
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Zuri Hotels and
Resorts Private Limited is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
Crisil B Rating category. Or Lower' Therefore, on account of
inadequate information and lack of management co-operation,
CRISIL has downgraded the long term rating to 'CRISIL B/Stable'
and reaffirmed short term rating at 'CRISIL A4'.

Incorporated in 2006, ZHRPL is in the hospitality business. The
company operates a five-star deluxe hotel at Kumarakom, Kerala,
under the Zuri White Sands brand. Operations are managed by
directors Mr. Aditya Kamani and Mr. Abishek Kamani, supported by
a professional management team.



=========
J A P A N
=========


TOSHIBA CORP: Apple, Amazon to Back Foxconn on Chip Unit Bid
------------------------------------------------------------
Chairman Terry Gou of key iPhone assembler Hon Hai Precision
Industry, or Foxconn Technology Group, told the Nikkei Asian
Review in an exclusive interview on June 4 that his company has
financial support from Apple and Amazon in its bid for the memory
chip unit of Toshiba Corp.

According to the report, sources said Hon Hai is the highest
bidder among five interested buyers, supposedly offering more
than JPY2 trillion ($18.2 billion).

"Of course Apple and Amazon are offering money together, but I
cannot comment on how much funds each company is putting on the
table," the report quotes Mr. Gou as saying at a hotel in Osaka.

Nikkei relates that the Taiwanese mogul, who heads the world's
largest contract electronics maker, was in the western Japanese
city for meetings with his staff at Sharp Corporation, which
Foxconn acquired last year.

Hours earlier on Saturday [June 3] night, Gou told the Nikkei
Asian Review in a separate interview that he has secured support
from Apple and Amazon on the Toshiba deal.

While there had been speculation that Apple and Amazon may be
interested in Toshiba's semiconductor business, Gou's comments
Sunday were the first official confirmation that the two
companies were participating in a bid, the report relays.

Both U.S. tech titans are key customers of Foxconn, says Nikkei.

According to Nikkei, more than half of Foxconn's revenue comes
from supplying components and assembling gadgets for Apple, while
the company manufactures Kindle e-readers and Echo speakers for
Amazon.

Toshiba's NAND flash memory chip is a component for storing data
used in a wide range of electronics, including smartphones,
servers and PCs, the report notes.

                           About Toshiba

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
on March 21, 2017, that S&P Global Ratings has lowered its long-
term corporate credit rating on Toshiba Corp. two notches to
'CCC-' from 'CCC+' and lowered the senior unsecured debt rating
three notches to 'CCC-' from 'B-'.  Both ratings remain on
CreditWatch with negative implications. Also, S&P is keeping its
'C' short-term corporate credit and commercial paper program
ratings on the company on CreditWatch negative.  The long- and
short-term ratings on Toshiba have remained on CreditWatch with
negative implications since December 2016, when S&P also lowered
the long-term ratings because of the likelihood that the company
might recognize massive losses in its U.S. nuclear power
business; S&P kept them on CreditWatch negative when it lowered
the long- and short-term ratings in January 2017.




====================
N E W  Z E A L A N D
====================


O'NEILL EARTHMOVING: Former Director Ordered to Pay NZ$450,000
--------------------------------------------------------------
Ben Aulakh at Stuff.co.nz reports that a former director of a
South Canterbury earthmoving business has been ordered to pay
more than NZ$450,000 to the company and its liquidators.

A High Court judge has ordered Daniel O'Neill, the former
director of O'Neill Earthmoving, to pay NZ$447,055 -- plus
interest -- toward the creditor's claims against the liquidated
company, according to Stuff.

Stuff relates that Mr. O'Neill has also been ordered to pay
another NZ$9,487.50; the amount made by company debtor Seaforth
Farms and deposited to Mr. O'Neill's personal bank account.

In his judgment, Justice David Gendall stated O'Neill
Earthmoving, which was set up in April 2003, had been insolvent
for more than four years before it was liquidated in August 2016,
Stuff relays.

Debts to creditors included NZ$343,428 owed to the Commissioner
of the Inland Revenue (CIR). That amount consisted of NZ$224,989
of unpaid GST, PAYE and child support, and a separate claim of
NZ$118,439, Stuff discloses.

According to the report, the judge said Mr. O'Neill also owed his
other outstanding creditors NZ$100,021.

Stuff relates that Mr. O'Neill had been a 50 per cent shareholder
in the company, and was its sole director from September 30,
2010, up to the date the company was placed into liquidation, he
said.

While director, "O'Neill caused the company to incur significant
significant liabilities that it had no ability repay", Stuff
quotes Justice Gendall as saying.

"No evidence was found by the liquidators to suggest O'Neill had
prepared a business plan, budgets, cash flow projections, or had
taken any other steps to assess the company's financial future at
the operative times.

"The company, having been incorporated in 2003, continued to
trade whilst insolvent from, at the latest, 1 April 2011 for a
period in excessive of four years. This is clearly a lengthy
period.

"During this time the company caused significant losses to
creditors . . . I conclude that a reasonable argument exists here
that Mr. O'Neill directly caused this further debt to be incurred
by his actions."

Stuff relates that Justice Gendall said that "if Mr O'Neill had
ceased trading shortly after the company became insolvent its
outstanding debts to creditors, including the CIR, would have
been significantly less".

He said he was satisfied O'Neill instructed Seaforth Farms
Limited, which was not a party to the court proceedings, to pay
NZ$9,487 owed to the company into his personal account, Stuff
relays.

"His actions in diverting the NZ$9,487 Seaforth payment to his
personal account and in extracting personal drawings of
NZ$135,132 at a time when the company's outside indebtedness was
substantially increasing . . .  can scarcely be seen as
muddlement but rather must border on dishonesty."

Justice Gendall, as cited by Stuff, said Mr. O'Neill could
instead have used both amounts to contribute towards paying the
company's debts.

"If Mr O'Neill had undertaken a sober assessment of the company's
prospects at any time after April 1, 2011, there can be no doubt
that the company would have ceased trading much earlier than it
did, and it would not have had the level of unpaid debts built
up."

According to Stuff, Justice Gendall said the debt to the CIR
included NZ$52,000 of outstanding GST from asset sales made just
before the company was placed into liquidation but after the
application to the court had been filed.

He said that instead of paying the GST on those asset sales to
the CIR he used the money to "reduce the debt" to the company's
secured creditor, Heartland Bank, and paid a "small amount" to
other creditors, Stuff relates.

Stuff adds that the High Court judgement followed an Employment
Relations Authority decision which last year referred to
financial concerns at the business.

In July, the authority ordered Mr. O'Neill to pay more than
NZ$27,000 in compensation to couple Amanda and Aaron McNoe, who
authority member Helen Doyle said had been unjustifiably
dismissed from the company, Stuff relates.

Doyle said McNoe was "never given any reason for her termination
but understood that it may have been because of financial
concerns," adds Stuff.




=============================
P A P U A  N E W  G U I N E A
=============================


PAPUA NEW GUINEA: Liquidity Pressures Drive Credit Risks
--------------------------------------------------------
Moody's Investors Service says that Papua New Guinea (PNG, B2
stable) continues to face significant government liquidity and
external payments risks, despite the recent recovery in commodity
prices and exports.

Demands on foreign-exchange reserves are high as PNG is still
clearing a backlog of imports and foreign debt payments estimated
by the central bank at $239 million -- or about 14% of foreign-
exchange reserves.

And wide fiscal deficits since 2013 have contributed to a rise in
government debt and pressured the domestic financial system's
ability to absorb such borrowing, resulting in rising interest
rates and deteriorating debt affordability.

Moody's conclusions are contained in its just-released report
"Government of Papua New Guinea: Domestic, External Liquidity
Pressures Drive Credit Risks."

PNG's large current-account surpluses of around 18% of GDP since
2014 overstate the actual increase in foreign-exchange inflows,
says Moody's, and its buffers to external vulnerability risks.
This is largely because petroleum companies hold their export
earnings from liquefied natural gas (LNG) in offshore accounts to
meet overseas liabilities. Financial account outflows exceed
inflows from dividends and other exports, contributing to a
continuing drain on foreign reserves.

And although liquidity pressures have eased somewhat since the
government obtained a commercial loan in late 2016 to help fund
the deficit and facilitate foreign-exchange payments, its
increasing private offshore borrowing is raising debt servicing
costs and underscores the difficulties it faces in obtaining
domestic financing.

Ahead of the elections in late June, the government maintains a
comfortable majority in parliament, and Prime Minister Peter
O'Neill survived a leadership challenge in 2016.

But any renewed flare-up in domestic political risks could
exacerbate growth and liquidity challenges by undermining the
government's ability to implement policies that foster investment
in new resource projects. Moody's assesses Domestic Political
Risk as "Moderate" in PNG.

Moody's forecasts real GDP growth of around 3% in the coming
years as the economy adjusts to structurally lower commodity
prices and weaker investment, a sharp drop from average annual
GDP growth of 6.4% between 2010 and 2014.

Fiscal tightening, high inflation and a shortage of foreign
currency will weigh on economic growth in 2017 and 2018. The
potential development of new resource projects poses upside risks
to growth thereafter. If realised, these projects would also ease
government and external liquidity pressures.



===============
X X X X X X X X
===============


* BOND PRICING: For the Week May 29 to June 2, 2017
---------------------------------------------------

Issuer                    Coupon    Maturity    Currency   Price
------                    ------    --------    --------   -----


  AUSTRALIA
  ---------

ARTSONIG PTY LTD             11.50   04/01/19    USD       1.13
ARTSONIG PTY LTD             11.50   04/01/19    USD       1.13
BOART LONGYEAR MANAGEMEN      7.00   04/01/21    USD       6.15
BOART LONGYEAR MANAGEMEN      7.00   04/01/21    USD       6.25
BOART LONGYEAR MANAGEMEN     10.00   10/01/18    USD      74.50
BOART LONGYEAR MANAGEMEN     10.00   10/01/18    USD      74.50
CML GROUP LTD                 9.00   01/29/20    AUD       1.02
HILLGROVE RESOURCES LTD       6.00   12/20/19    AUD       2.10
KEYBRIDGE CAPITAL LTD         7.00   07/31/20    AUD       0.72
LAKES OIL NL                 10.00   03/31/17    AUD       4.13
LAKES OIL NL                 10.00   05/31/18    AUD       8.00
MIDWEST VANADIUM PTY LTD     11.50   02/15/18    USD       2.00
MIDWEST VANADIUM PTY LTD     11.50   02/15/18    USD       2.00
RELIANCE RAIL FINANCE PT      2.15   09/26/23    AUD      67.70
RELIANCE RAIL FINANCE PT      2.15   09/26/23    AUD      67.70
STOKES LTD                   10.00   06/30/17    AUD       0.25
TREASURY CORP OF VICTORI      0.50   11/12/30    AUD      67.57


CHINA
-----

AKESU XINCHENG ASSET INV      7.50   10/10/18    CNY      51.50
ANKANG DEVELOPMENT & INVE     6.35   03/06/20    CNY      81.00
ANQING URBAN CONSTRUCTIO      6.76   12/31/19    CNY      62.25
ANSHAN CITY CONSTRUCTION      8.25   03/05/19    CNY      41.81
ANSHAN CITY CONSTRUCTION      6.39   04/25/20    CNY      73.67
ANSHUN STATE-RUN ASSETS       6.98   01/10/20    CNY      61.87
ANSHUN STATE-RUN ASSETS       6.98   01/10/20    CNY      61.88
ANYANG INVESTMENT GROUP       8.00   04/17/19    CNY      61.79
BAICHENG ZHONGXING            7.00   12/18/19    CNY      61.02
BAISHAN URBAN CONSTRUCTI      7.00   07/31/19    CNY      60.74
BANGBU CITY INVESTMENT H      5.78   08/10/17    CNY      30.30
BAODING NATIONAL HI-TECH      7.33   12/24/19    CNY      63.64
BAOJI INVESTMENT GROUP C      7.14   12/26/18    CNY      50.69
BAOJI INVESTMENT GROUP C      7.14   12/26/18    CNY      51.64
BAOSHAN STATE-OWNED ASSE      7.30   12/10/19    CNY      62.09
BAOSHAN STATE-OWNED ASSE      7.30   12/10/19    CNY      62.20
BAOTOU STATE OWNED ASSET      7.03   09/17/19    CNY      61.82
BAYINGUOLENG INNER MONGO      7.48   09/10/18    CNY      50.90
BEIJING CAPITAL DEVELOPM      5.95   05/29/19    CNY      74.35
BEIJING CONSTRUCTION ENG      5.95   07/05/19    CNY      60.85
BEIJING CONSTRUCTION ENG      5.95   07/05/19    CNY      60.91
BEIJING ECONOMIC TECHNOL      5.29   03/06/18    CNY      70.32
BEIJING GUCAI GROUP CO L      8.28   12/15/18    CNY      73.19
BEIJING XINGZHAN STATE O      6.48   08/31/19    CNY      61.37
BEIJING XINGZHAN STATE O      6.48   08/31/19    CNY      61.77
BIJIE XINTAI INVESTMENT       7.15   08/20/19    CNY      61.60
BINZHOU BINCHENG DISTRIC      6.50   07/05/19    CNY      61.52
CANGZHOU CONSTRUCTION &       6.72   01/23/20    CNY      60.11
CANGZHOU CONSTRUCTION &       6.72   01/23/20    CNY      61.68
CHANGSHA CITY CONSTRUCTI      6.95   04/24/19    CNY      62.15
CHANGSHA COUNTY XINGCHEN      8.35   04/06/19    CNY      62.00
CHANGSHA COUNTY XINGCHEN      8.35   04/06/19    CNY      62.03
CHANGSHA PILOT INVESTMEN      6.70   12/10/19    CNY      62.42
CHANGSHU BINJIANG URBAN       6.85   04/27/19    CNY      61.02
CHANGSHU BINJIANG URBAN       6.85   04/27/19    CNY      61.56
CHANGSHU CITY OPERATION       8.00   01/16/19    CNY      40.74
CHANGSHU CITY OPERATION       8.00   01/16/19    CNY      41.33
CHANGXING URBAN CONSTRUC      6.80   11/30/19    CNY      61.48
CHANGXING URBAN CONSTRUC      6.80   11/30/19    CNY      61.55
CHANGYI ECONOMIC AND DEV      7.35   10/30/20    CNY      73.28
CHANGZHOU JINTAN DISTRIC      8.30   03/14/19    CNY      61.59
CHANGZHOU WUJIN CITY CON      6.22   06/08/18    CNY      50.77
CHANGZHOU WUJIN CITY CON      6.22   06/08/18    CNY      50.80
CHAOHU URBAN TOWN CONSTR      7.00   12/24/19    CNY      61.65
CHAOHU URBAN TOWN CONSTR      7.00   12/24/19    CNY      83.60
CHAOYANG CONSTRUCTION IN      7.30   05/25/19    CNY      61.71
CHENGDU CITY DEVELOPMENT      6.18   01/14/20    CNY      61.51
CHENGDU CITY DEVELOPMENT      6.18   01/14/20    CNY      61.56
CHENGDU ECONOMIC&TECHNOL      6.50   07/17/18    CNY      50.50
CHENGDU ECONOMIC&TECHNOL      6.50   07/17/18    CNY      50.97
CHENGDU ECONOMIC&TECHNOL      6.55   07/17/19    CNY      61.56
CHENGDU ECONOMIC&TECHNOL      6.55   07/17/19    CNY      62.50
CHENGDU HI-TECH INVESTME      6.28   11/20/19    CNY      61.30
CHENGDU HI-TECH INVESTME      6.28   11/20/19    CNY      61.52
CHENGDU XINCHENG XICHENG      8.35   03/19/19    CNY      62.26
CHENGDU XINCHENG XICHENG      8.35   03/19/19    CNY      62.64
CHENGDU XINDU XIANGCHENG      8.60   12/13/18    CNY      73.18
CHENGDU XINGCHENG INVEST      6.17   01/28/20    CNY      61.55
CHENGDU XINGJIN URBAN CO      7.30   11/27/19    CNY      62.18
CHENGDU XINGJIN URBAN CO      7.30   11/27/19    CNY      62.60
CHENZHOU URBAN CONSTRUCT      7.34   09/13/19    CNY      61.94
CHENZHOU URBAN CONSTRUCT      7.34   09/13/19    CNY      61.97
CHIFENG CITY HONGSHAN IN      7.20   07/25/19    CNY      60.72
CHIFENG CITY INFRASTRUCT      6.18   05/18/17    CNY      50.08
CHINA CITY CONSTRUCTION       3.97   03/01/21    CNY      14.24
CHINA CITY CONSTRUCTION       5.55   12/17/17    CNY      45.00
CHINA GOVERNMENT BOND         1.64   12/15/33    CNY      72.74
CHIZHOU CITY MANAGEMENT       7.17   10/17/19    CNY      61.57
CHONGQING BEIFEI INDUSTR      7.13   12/25/19    CNY      61.89
CHONGQING BEIFEI INDUSTR      7.13   12/25/19    CNY      62.06
CHONGQING CHANGSHOU DEVE      7.45   09/25/19    CNY      62.00
CHONGQING CHANGSHOU DEVE      7.45   09/25/19    CNY      62.12
CHONGQING FULING STATE-O      6.39   01/21/20    CNY      61.42
CHONGQING FULING STATE-O      6.39   01/21/20    CNY      62.12
CHONGQING HECHUAN RURAL       8.28   04/10/18    CNY      50.80
CHONGQING HECHUAN RURAL       8.28   04/10/18    CNY      51.03
CHONGQING HECHUAN URBAN       6.95   01/06/18    CNY      40.51
CHONGQING HONGRONG CAPIT      7.20   10/16/19    CNY      61.14
CHONGQING HONGRONG CAPIT      7.20   10/16/19    CNY      61.83
CHONGQING JIANGJIN HUAXI      6.95   01/06/18    CNY      40.94
CHONGQING JIANGJIN HUAXI      7.46   09/21/19    CNY      62.00
CHONGQING JIANGJIN HUAXI      7.46   09/21/19    CNY      62.46
CHONGQING JINYUN ASSET M      6.75   06/18/19    CNY      61.16
CHONGQING JINYUN ASSET M      6.75   06/18/19    CNY      61.41
CHONGQING LAND PROPERTIE      7.35   04/25/19    CNY      61.14
CHONGQING MAIRUI CITY IN      6.82   08/17/19    CNY      61.03
CHONGQING NAN'AN URBAN C      6.29   12/24/17    CNY      40.55
CHONGQING NAN'AN URBAN C      8.20   04/09/19    CNY      62.07
CHONGQING NANCHUAN DISTR      7.35   09/06/19    CNY      61.80
CHONGQING NANCHUAN DISTR      7.35   09/06/19    CNY      61.92
CHONGQING QIJIANG EAST N      6.75   01/29/20    CNY      61.43
CHONGQING THREE GORGES I      6.40   01/23/19    CNY      50.96
CHONGQING THREE GORGES I      6.40   01/23/19    CNY      76.82
CHONGQING XINGRONG HOLDI      8.35   04/19/19    CNY      62.12
CHONGQING XIYONG MICRO-E      6.76   07/25/19    CNY      61.38
CHONGQING YONGCHUAN HUIT      7.33   10/16/19    CNY      62.32
CHONGQING YONGCHUAN HUIT      7.33   10/16/19    CNY      62.33
CHONGQING YONGCHUAN HUIT      7.49   03/14/18    CNY      70.33
CHONGQING YUFU ASSET MAN      6.50   09/04/19    CNY      62.00
CHONGQING YULONG ASSET M      6.87   05/31/19    CNY      61.53
CHONGQING YUXING CONSTRU      7.29   12/08/17    CNY      40.87
CHONGQING YUXING CONSTRU      7.30   12/10/19    CNY      61.54
CHONGQING YUXING CONSTRU      7.30   12/10/19    CNY      61.99
CHUXIONG AUTONOMOUS DEVE      6.08   10/18/17    CNY      50.84
CHUZHOU CITY CONSTRUCTIO      6.81   11/23/19    CNY      61.95
CHUZHOU TONGCHUANG CONST      7.05   01/09/20    CNY      60.15
CHUZHOU TONGCHUANG CONST      7.05   01/09/20    CNY      62.14
CIXI STATE OWNED ASSET I      6.60   09/20/19    CNY      60.68
CIXI STATE OWNED ASSET I      6.60   09/20/19    CNY      61.76
DALI ECONOMIC DEVELOPMEN      8.80   04/24/19    CNY      62.25
DALIAN CHANGXING ISLAND       6.60   01/25/20    CNY      61.71
DALIAN DETA INVESTMENT C      6.50   11/15/19    CNY      61.73
DALIAN LVSHUN CONSTRUCTI      6.78   07/02/19    CNY      60.98
DALIAN LVSHUN CONSTRUCTI      6.78   07/02/19    CNY      61.03
DANDONG CITY DEVELOPMENT      5.84   09/06/17    CNY      40.01
DANDONG CITY DEVELOPMENT      6.63   12/21/18    CNY      70.68
DANYANG INVESTMENT GROUP      8.10   03/06/19    CNY      61.96
DAQING GAOXIN STATE-OWNE      6.88   12/05/19    CNY      61.80
DAQING GAOXIN STATE-OWNE      6.88   12/05/19    CNY      63.00
DAQING URBAN CONSTRUCTIO      6.55   10/23/19    CNY      61.30
DAQING URBAN CONSTRUCTIO      6.55   10/23/19    CNY      61.49
DATONG ECONOMIC CONSTRUC      6.50   06/01/17    CNY      40.10
DAXING ANLING FORESTRY G      7.08   10/23/19    CNY      50.85
DAXING ANLING FORESTRY G      7.08   10/23/19    CNY      50.88
DAZHOU INVESTMENT CO LTD      6.99   12/25/19    CNY      60.95
DAZHOU INVESTMENT CO LTD      6.99   12/25/19    CNY      61.80
DEYANG CITY CONSTRUCTION      6.99   12/26/19    CNY      61.56
DEZHOU DEDA URBAN CONSTR      7.14   10/18/19    CNY      62.41
DONGBEI SPECIAL STEEL GR      5.88   05/05/16    CNY      40.00
DONGBEI SPECIAL STEEL GR      6.10   01/15/18    CNY      40.00
DONGBEI SPECIAL STEEL GR      8.30   09/06/16    CNY      40.00
DONGBEI SPECIAL STEEL GR      6.50   03/27/16    CNY      40.00
DONGBEI SPECIAL STEEL GR      8.20   06/06/16    CNY      40.00
DONGBEI SPECIAL STEEL GR      7.40   07/17/17    CNY      40.00
DONGBEI SPECIAL STEEL GR      5.63   04/12/18    CNY      40.00
DONGBEI SPECIAL STEEL GR      7.00   07/10/16    CNY      40.00
DONGBEI SPECIAL STEEL GR      6.30   09/24/16    CNY      40.00
DONGTAI COMMUNICATION IN      7.39   07/05/18    CNY      50.75
DONGTAI UBAN CONSTRUCTIO      7.10   12/26/19    CNY      61.73
DONGTAI UBAN CONSTRUCTIO      7.10   12/26/19    CNY      84.40
ENSHI URBAN CONSTRUCTION      7.55   10/22/19    CNY      62.14
ERDOS DONGSHENG CITY DEV      8.40   02/28/18    CNY      49.94
ERDOS DONGSHENG CITY DEV      8.40   02/28/18    CNY      50.08
EZHOU CITY CONSTRUCTION       7.08   06/19/19    CNY      61.55
FEICHENG CITY ASSETS MAN      7.10   08/14/18    CNY      50.83
FENGHUA CITY INVESTMENT       7.45   09/24/19    CNY      61.97
FENGHUA CITY INVESTMENT       7.45   09/24/19    CNY      62.24
FUJIAN LONGYAN CITY CONS      7.45   08/14/19    CNY      61.77
FUJIAN NANPING HIGHWAY C      6.69   01/28/20    CNY      61.49
FUJIAN NANPING HIGHWAY C      6.69   01/28/20    CNY      61.73
FUJIAN NANPING HIGHWAY C      7.90   10/26/18    CNY      73.10
FUSHUN URBAN INVESTMENT       5.95   05/11/18    CNY      70.18
FUXIN INFRASTRUCTURE CON      7.55   10/10/19    CNY      61.65
FUZHOU INVESTMENT DEVELO      6.78   01/16/20    CNY      61.51
FUZHOU INVESTMENT DEVELO      6.78   01/16/20    CNY      62.15
FUZHOU URBAN AND RURAL C      6.35   09/25/18    CNY      50.76
FUZHOU URBAN AND RURAL C      6.35   09/25/18    CNY      50.76
GANSU PROVINCIAL HIGHWAY      6.75   11/16/18    CNY      71.39
GANSU PROVINCIAL HIGHWAY      7.20   09/19/18    CNY      72.24
GANZHOU CITY DEVELOPMENT      6.40   07/10/18    CNY      50.83
GANZHOU DEVELOPMENT ZONE      6.70   12/26/18    CNY      50.97
GANZHOU DEVELOPMENT ZONE      6.70   12/26/18    CNY      51.22
GAOMI STATE-OWNED ASSETS      6.75   11/15/18    CNY      50.25
GAOMI STATE-OWNED ASSETS      6.75   11/15/18    CNY      50.95
GAOMI STATE-OWNED ASSETS      6.70   11/15/19    CNY      61.42
GAOMI STATE-OWNED ASSETS      6.70   11/15/19    CNY      61.49
GONGYI STATE OWNED ASSET      6.70   01/18/20    CNY      61.02
GUANGAN INVESTMENT HOLDI      8.18   04/25/19    CNY      61.85
GUANGXI BAISE DEVELOPMEN      6.50   07/04/19    CNY      60.98
GUANGXI BAISE DEVELOPMEN      6.50   07/04/19    CNY      61.28
GUANGYUAN INVESTMENT HOL      7.25   11/26/19    CNY      61.48
GUILIN ECONOMIC CONSTRUC      6.90   05/09/18    CNY      50.80
GUILIN ECONOMIC CONSTRUC      6.90   05/09/18    CNY      51.70
GUIYANG ECO&TECH DEVELOP      8.42   03/27/19    CNY      62.00
GUIYANG JINYANG CONSTRUC      6.70   10/24/18    CNY      51.16
GUIYANG JINYANG CONSTRUC      6.70   10/24/18    CNY      51.40
GUIYANG PUBLIC RESIDENTI      6.70   11/06/19    CNY      61.82
GUIYANG PUBLIC RESIDENTI      6.70   11/06/19    CNY      63.00
GUOAO INVESTMENT DEVELOP      6.89   10/29/18    CNY      47.45
GUOAO INVESTMENT DEVELOP      6.89   10/29/18    CNY      50.96
HAIAN COUNTY CITY CONSTR      8.35   03/28/18    CNY      50.91
HAIAN COUNTY CITY CONSTR      8.35   03/28/18    CNY      51.07
HAICHENG URBAN INVESTMEN      8.39   11/07/18    CNY      72.62
HAIMEN CITY DEVELOPMENT       8.35   03/20/19    CNY      61.97
HAINING STATE-OWNED ASSE      7.80   09/20/18    CNY      72.25
HAINING STATE-OWNED ASSE      7.80   09/20/18    CNY      72.63
HANDAN CITY CONSTRUCTION      7.05   12/24/19    CNY      62.27
HANDAN CITY CONSTRUCTION      7.05   12/24/19    CNY      62.83
HANGZHOU HIGH-TECH INDUS      6.45   01/28/20    CNY      61.50
HANGZHOU HIGH-TECH INDUS      6.45   01/28/20    CNY      61.90
HANGZHOU MUNICIPAL CONST      5.90   04/25/18    CNY      50.12
HANGZHOU MUNICIPAL CONST      5.90   04/25/18    CNY      50.54
HANGZHOU XIAOSHAN ECO&TE      6.70   12/26/18    CNY      51.40
HANGZHOU YUHANG CITY CON      7.55   03/29/19    CNY      62.04
HANZHONG CITY CONSTRUCTI      7.48   03/14/18    CNY      71.36
HARBIN HELI INVESTMENT H      7.48   09/26/18    CNY      71.89
HARBIN HELI INVESTMENT H      7.48   09/26/18    CNY      72.05
HEBEI SHUNDE INVESTMENT       6.98   12/05/19    CNY      61.09
HEBEI SHUNDE INVESTMENT       6.98   12/05/19    CNY      61.99
HEFEI HAIHENG INVESTMENT      7.30   06/12/19    CNY      61.30
HEFEI TAOHUA INDUSTRIAL       8.79   03/27/19    CNY      62.38
HEFEI XINCHENG STATE-OWN      7.88   04/23/19    CNY      61.79
HEFEI XINCHENG STATE-OWN      7.88   04/23/19    CNY      62.15
HEGANG KAIYUAN CITY INVE      6.50   07/19/19    CNY      61.02
HENAN JIYUAN CITY CONSTR      7.50   09/25/19    CNY      62.51
HENGYANG CITY CONSTRUCTI      7.06   08/13/19    CNY      61.90
HUAIAN CITY URBAN ASSET       6.87   12/26/19    CNY      62.12
HUAIAN CITY URBAN ASSET       6.87   12/26/19    CNY      62.80
HUAIAN CITY WATER ASSET       8.25   03/08/19    CNY      62.33
HUAI'AN DEVELOPMENT HOLD      6.80   03/24/17    CNY      41.77
HUAI'AN DEVELOPMENT HOLD      7.20   09/06/19    CNY      61.72
HUAI'AN DEVELOPMENT HOLD      7.20   09/06/19    CNY      62.05
HUAIAN QINGHE NEW AREA I      6.79   04/29/17    CNY      39.97
HUAIAN QINGHE NEW AREA I      6.68   01/24/20    CNY      61.84
HUAIBEI CITY CONSTRUCTIO      6.68   12/17/18    CNY      50.92
HUAIHUA CITY CONSTRUCTIO      8.00   03/22/18    CNY      50.67
HUAIHUA CITY CONSTRUCTIO      8.00   03/22/18    CNY      50.92
HUANGGANG CITY CONSTRUCT      7.10   10/19/19    CNY      62.16
HUANGGANG CITY CONSTRUCT      7.10   10/19/19    CNY      62.61
HUANGSHI URBAN CONSTRUCT      6.96   10/25/19    CNY      62.03
HUIAN STATE ASSETS INVES      7.50   10/15/19    CNY      62.07
HUNAN CHANGDE DEYUAN INV      7.18   10/18/18    CNY      51.13
HUNAN CHANGDE DEYUAN INV      7.18   10/18/18    CNY      51.24
HUNAN CHENGLINGJI HARBOR      7.70   10/15/18    CNY      51.38
HUNAN CHENGLINGJI HARBOR      7.70   10/15/18    CNY      51.44
HUNAN ZHAOSHAN ECONOMIC       7.00   12/12/18    CNY      51.08
HUNAN ZHAOSHAN ECONOMIC       7.00   12/12/18    CNY      77.25
HUZHOU MUNICIPAL CONSTRU      7.02   12/21/17    CNY      40.64
HUZHOU MUNICIPAL CONSTRU      6.70   12/14/19    CNY      62.13
HUZHOU NANXUN STATE-OWNE      8.15   03/31/19    CNY      61.97
HUZHOU WUXING NANTAIHU C      7.71   02/17/18    CNY      71.12
INNER MONGOLIA HIGH-TECH      7.20   09/25/19    CNY      61.83
INNER MONGOLIA ZHUNGEER       6.94   05/10/18    CNY      75.10
JIAMUSI NEW ERA INFRASTR      8.25   03/22/19    CNY      61.70
JIAN CITY CONSTRUCTION I      7.80   04/20/19    CNY      61.97
JIANAN INVESTMENT HOLDIN      7.68   09/04/19    CNY      61.28
JIANGDONG HOLDING GROUP       6.90   03/27/19    CNY      60.93
JIANGDU XINYUAN INDUSTRI      8.10   03/23/19    CNY      61.89
JIANGSU HANRUI INVESTMEN      8.16   03/01/19    CNY      61.64
JIANGSU HUAJING ASSETS M      5.68   09/28/17    CNY      25.08
JIANGSU HUAJING ASSETS M      5.68   09/28/17    CNY      25.13
JIANGSU JINGUAN INVESTME      6.40   01/28/19    CNY      50.37
JIANGSU JINGUAN INVESTME      6.40   01/28/19    CNY      50.94
JIANGSU LIANYUN DEVELOPM      6.10   06/19/19    CNY      60.67
JIANGSU LIANYUN DEVELOPM      6.10   06/19/19    CNY      60.83
JIANGSU NANJING PUKOU EC      7.10   10/08/19    CNY      61.62
JIANGSU NANJING PUKOU EC      7.10   10/08/19    CNY      61.74
JIANGSU NEWHEADLINE DEVE      7.00   08/27/20    CNY      72.40
JIANGSU NEWHEADLINE DEVE      7.00   08/27/20    CNY      72.69
JIANGSU SUHAI INVESTMENT      7.20   11/07/19    CNY      61.61
JIANGSU TAICANG PORT DEV      7.66   05/16/19    CNY      62.25
JIANGSU WUZHONG ECONOMIC      8.05   12/16/18    CNY      73.11
JIANGSU WUZHONG ECONOMIC      8.05   12/16/18    CNY      73.42
JIANGSU XISHAN ECONOMIC       6.99   11/01/19    CNY      61.90
JIANGSU XISHAN ECONOMIC       6.99   11/01/19    CNY      69.60
JIANGSU ZHANGJIAGANG ECO      6.98   11/16/19    CNY      62.05
JIANGXI HEJI INVESTMENT       8.00   09/04/19    CNY      61.99
JIANGXI HEJI INVESTMENT       8.00   09/04/19    CNY      62.38
JIANGYAN STATE OWNED ASS      6.85   12/03/19    CNY      61.77
JIANGYAN STATE OWNED ASS      6.85   12/03/19    CNY      62.10
JIANGYIN CITY CONSTRUCTI      7.20   06/11/19    CNY      62.03
JIANGYIN CITY CONSTRUCTI      7.20   06/11/19    CNY      62.90
JIASHAN STATE-OWNED ASSE      6.80   06/06/19    CNY      61.95
JIAXING CULTURE FAMOUS C      8.16   03/08/19    CNY      61.73
JIAXING ECONOMIC&TECHNOL      6.78   06/14/19    CNY      61.00
JIAXING ECONOMIC&TECHNOL      6.78   06/14/19    CNY      61.28
JINAN CITY CONSTRUCTION       6.98   03/26/18    CNY      50.36
JINAN CITY CONSTRUCTION       6.98   03/26/18    CNY      50.70
JINAN XIAOQINGHE DEVELOP      7.15   09/05/19    CNY      61.85
JINAN XIAOQINGHE DEVELOP      7.15   09/05/19    CNY      61.88
JINGJIANG BINJIANG XINCH      6.80   10/23/18    CNY      50.86
JINGJIANG BINJIANG XINCH      6.80   10/23/18    CNY      50.90
JINGZHOU URBAN CONSTRUCT      7.98   04/24/19    CNY      61.99
JINING CITY CONSTRUCTION      8.30   12/31/18    CNY      41.62
JINING CITY YANZHOU DIST      8.50   12/28/17    CNY      25.78
JINING HI-TECH TOWN CONS      6.60   01/28/20    CNY      61.68
JINING HI-TECH TOWN CONS      6.60   01/28/20    CNY      61.80
JINING WATER SUPPLY GROU      7.18   01/22/20    CNY      61.54
JINSHAN STATE-OWNED ASSE      6.65   11/27/19    CNY      62.03
JINZHOU CITY INVESTMENT       7.08   06/13/19    CNY      61.16
JINZHOU CITY INVESTMENT       7.08   06/13/19    CNY      61.18
JISHOU HUATAI STATE OWNE      7.37   12/12/19    CNY      61.39
JISHOU HUATAI STATE OWNE      7.37   12/12/19    CNY      62.32
JIUJIANG CITY CONSTRUCTI      8.49   02/23/19    CNY      62.26
JIXI STATE OWN ASSET MAN      7.18   11/08/19    CNY      61.91
JIXI STATE OWN ASSET MAN      7.18   11/08/19    CNY      62.68
KAIFENG DEVELOPMENT INVE      6.47   07/11/19    CNY      61.35
KARAMAY URBAN CONSTRUCTI      7.15   09/04/19    CNY      61.85
KARAMAY URBAN CONSTRUCTI      7.15   09/04/19    CNY      61.92
KASHI URBAN CONSTRUCTION      7.18   11/27/19    CNY      61.71
KUNMING CITY CONSTRUCTIO      7.60   04/13/18    CNY      50.90
KUNMING CITY CONSTRUCTIO      7.60   04/13/18    CNY      51.00
KUNMING DIANCHI INVESTME      6.50   02/01/20    CNY      61.86
KUNMING INDUSTRIAL DEVEL      6.46   10/23/19    CNY      61.44
KUNMING INDUSTRIAL DEVEL      6.46   10/23/19    CNY      63.01
KUNMING WUHUA DISTRICT S      8.60   03/15/18    CNY      51.03
KUNMING WUHUA DISTRICT S      8.60   03/15/18    CNY      51.10
KUNSHAN ENTREPRENEUR HOL      6.28   11/07/19    CNY      61.19
KUNSHAN ENTREPRENEUR HOL      6.28   11/07/19    CNY      61.54
KUNSHAN HUAQIAO INTERNAT      7.98   12/30/18    CNY      41.55
LAIWU CITY ECONOMIC DEVE      6.50   03/01/18    CNY      60.32
LANZHOU CITY DEVELOPMENT      8.20   12/15/18    CNY      66.60
LANZHOU CITY DEVELOPMENT      8.20   12/15/18    CNY      69.65
LEQING CITY STATE OWNED       6.50   06/29/19    CNY      61.00
LEQING CITY STATE OWNED       6.50   06/29/19    CNY      62.00
LESHAN STATE-OWNED ASSET      6.99   03/18/18    CNY      72.00
LESHAN STATE-OWNED ASSET      6.99   03/18/18    CNY      71.45
LIAONING YAODU DEVELOPME      7.35   12/12/19    CNY      61.16
LIAOYANG CITY ASSETS OPE      7.10   11/13/19    CNY      61.58
LIAOYANG CITY ASSETS OPE      6.88   06/13/18    CNY      65.50
LIAOYANG CITY ASSETS OPE      6.88   06/13/18    CNY      65.95
LIAOYUAN STATE-OWNED ASS      8.17   03/13/19    CNY      61.88
LIJIANG GUCHENG MANAGEME      6.68   07/26/19    CNY      61.38
LINAN CITY CONSTRUCTION       8.15   03/09/18    CNY      50.45
LINAN CITY CONSTRUCTION       8.15   03/09/18    CNY      50.82
LINYI CITY ASSET MANAGEM      6.68   12/12/19    CNY      61.74
LINYI CITY ASSET MANAGEM      6.68   12/12/19    CNY      61.93
LINYI ECONOMIC DEVELOPME      8.26   09/24/19    CNY      63.04
LINYI INVESTMENT DEVELOP      8.10   03/27/18    CNY      50.65
LIUPANSHUI DEVELOPMENT I      6.97   12/03/19    CNY      61.67
LIUZHOU DONGCHENG INVEST      8.30   02/15/19    CNY      60.80
LIUZHOU DONGCHENG INVEST      8.30   02/15/19    CNY      61.80
LIUZHOU INVESTMENT HOLDI      6.98   08/15/19    CNY      61.33
LIYANG CITY CONSTRUCTION      8.20   11/08/18    CNY      68.98
LONGHAI STATE-OWNED ASSE      8.25   12/02/17    CNY      41.21
LOUDI CITY CONSTRUCTION       7.28   10/19/18    CNY      51.02
LOUDI CITY CONSTRUCTION       7.28   10/19/18    CNY      51.31
LUOHE CITY CONSTRUCTION       6.81   03/30/17    CNY      29.76
LUOHE CITY CONSTRUCTION       6.81   03/30/17    CNY      30.06
LUOHE CITY CONSTRUCTION       6.99   10/30/19    CNY      61.21
LUOYANG CITY DEVELOPMENT      6.89   12/31/19    CNY      61.69
LUOYANG CITY DEVELOPMENT      6.89   12/31/19    CNY      62.64
MAANSHAN ECONOMIC TECHNO      7.10   12/20/19    CNY      62.15
MIANYANG SCIENCE TECHNOL      6.30   07/22/18    CNY      53.03
MIANYANG SCIENCE TECHNOL      7.16   05/15/19    CNY      61.04
MUDANJIANG STATE-OWNED A      7.08   08/30/19    CNY      61.14
MUDANJIANG STATE-OWNED A      7.08   08/30/19    CNY      61.29
NANAN CITY TRADE INDUSTR      8.50   04/25/19    CNY      63.31
NANCHANG ECONOMY TECHNOL      6.88   01/09/20    CNY      62.00
NANCHONG DEVELOPMENT INV      6.69   01/28/20    CNY      61.96
NANCHONG DEVELOPMENT INV      6.69   01/28/20    CNY      82.34
NANCHONG ECONOMIC DEVELO      8.16   04/26/19    CNY      61.95
NANJING JIANGNING SCIENC      7.29   04/28/19    CNY      61.48
NANJING NEW&HIGH TECHNOL      6.94   09/07/19    CNY      61.49
NANJING NEW&HIGH TECHNOL      6.94   09/07/19    CNY      61.98
NANJING URBAN CONSTRUCTI      5.68   11/26/18    CNY      50.96
NANJING URBAN CONSTRUCTI      5.68   11/26/18    CNY      51.08
NANJING XINGANG DEVELOPM      6.80   01/08/20    CNY      62.00
NANJING XINGANG DEVELOPM      6.80   01/08/20    CNY      62.23
NANTONG CITY GANGZHA DIS      7.15   01/09/20    CNY      62.22
NANTONG CITY GANGZHA DIS      7.15   01/09/20    CNY      62.53
NANTONG CITY TONGZHOU DI      6.80   05/28/19    CNY      61.00
NANTONG CITY TONGZHOU DI      6.80   05/28/19    CNY      61.37
NEIJIANG INVESTMENT HOLD      7.00   07/19/18    CNY      50.84
NEIJIANG INVESTMENT HOLD      7.00   07/19/18    CNY      51.32
NEIMENGGU XINLINGOL XING      7.62   02/25/18    CNY      70.84
NINGBO CITY ZHENHAI INVE      6.48   04/12/17    CNY      40.10
NINGBO EASTERN NEW TOWN       6.45   01/21/20    CNY      61.28
NINGBO URBAN CONSTRUCTIO      7.39   03/01/18    CNY      50.50
NINGBO URBAN CONSTRUCTIO      7.39   03/01/18    CNY      50.73
NINGBO ZHENHAI HAIJIANG       6.65   11/28/18    CNY      51.24
NINGDE CITY STATE-OWNED       6.25   10/21/17    CNY       9.75
NONGGONGSHANG REAL ESTAT      6.29   10/11/17    CNY      40.44
PANJIN CONSTRUCTION INVE      7.50   05/17/19    CNY      60.30
PANJIN CONSTRUCTION INVE      7.50   05/17/19    CNY      61.34
PANJIN PETROLEUM HIGH TE      6.95   01/10/20    CNY      61.79
PANJIN PETROLEUM HIGH TE      6.95   01/10/20    CNY      62.00
PEIXIAN STATE-OWNED ASSE      7.20   12/06/19    CNY      62.37
PEIXIAN STATE-OWNED ASSE      7.20   12/06/19    CNY      62.86
PENGLAI CITY PENGLAIGE T      6.80   01/30/21    CNY      71.69
PENGLAI CITY PENGLAIGE T      6.80   01/30/21    CNY      72.83
PINGDINGSHAN CITY DEVELO      7.86   05/08/19    CNY      61.90
PINGDINGSHAN CITY DEVELO      7.86   05/08/19    CNY      61.93
PINGHU CITY DEVELOPMENT       7.20   09/18/19    CNY      61.71
PINGHU CITY DEVELOPMENT       7.20   09/18/19    CNY      61.95
PINGXIANG URBAN CONSTRUC      6.89   12/10/19    CNY      61.72
PINGXIANG URBAN CONSTRUC      6.89   12/10/19    CNY      84.05
PIZHOU RUNCHENG ASSET OP      7.55   09/25/19    CNY      62.17
PIZHOU RUNCHENG ASSET OP      7.55   09/25/19    CNY      62.70
PUER CITY STATE OWNED AS      7.38   06/20/19    CNY      61.53
PUTIAN STATE-OWNED ASSET      8.10   03/21/19    CNY      61.75
PUTIAN STATE-OWNED ASSET      8.10   03/21/19    CNY      62.03
PUYANG INVESTMENT GROUP       6.98   10/29/19    CNY      61.63
QIANAN XINGYUAN WATER IN      6.45   07/11/18    CNY      50.31
QIANDONG NANZHOU DEVELOP      8.80   04/27/19    CNY      62.55
QIANDONGNANZHOU KAIHONG       7.80   10/30/19    CNY      61.65
QIANXI NANZHOU HONGSHENG      6.99   11/22/19    CNY      61.36
QIANXI NANZHOU HONGSHENG      6.99   11/22/19    CNY      61.99
QINGDAO CITY CONSTRUCTIO      6.19   02/16/17    CNY      40.00
QINGDAO CITY CONSTRUCTIO      6.19   02/16/17    CNY      40.00
QINGDAO CITY CONSTRUCTIO      6.89   02/16/19    CNY      61.27
QINGDAO CITY CONSTRUCTIO      6.89   02/16/19    CNY      61.44
QINGDAO HUATONG STATE-OW      7.30   04/18/19    CNY      61.45
QINGDAO HUATONG STATE-OW      7.30   04/18/19    CNY      62.05
QINGDAO JIAOZHOU CITY DE      6.59   01/25/20    CNY      62.01
QINGZHOU HONGYUAN PUBLIC      6.50   05/22/19    CNY      30.00
QINGZHOU HONGYUAN PUBLIC      6.50   05/22/19    CNY      30.02
QINGZHOU HONGYUAN PUBLIC      7.25   10/19/18    CNY      51.13
QINGZHOU HONGYUAN PUBLIC      7.25   10/19/18    CNY      51.33
QINGZHOU HONGYUAN PUBLIC      7.35   10/19/19    CNY      61.94
QINGZHOU HONGYUAN PUBLIC      7.35   10/19/19    CNY      62.23
QINHUANGDAO DEVELOPMENT       7.46   10/17/19    CNY      62.00
QINHUANGDAO DEVELOPMENT       7.46   10/17/19    CNY      62.15
QINZHOU CITY DEVELOPMENT      6.72   04/30/17    CNY      50.22
QITAIHE CITY CONSTRUCTIO      7.30   10/18/19    CNY      61.36
QITAIHE CITY CONSTRUCTIO      7.30   10/18/19    CNY      61.58
QUANZHOU QUANGANG PETROC      8.40   04/16/19    CNY      62.23
QUANZHOU QUANGANG PETROC      8.40   04/16/19    CNY      62.37
QUANZHOU TAISHANG INVEST      7.08   12/10/19    CNY      62.17
QUANZHOU TAISHANG INVEST      7.08   12/10/19    CNY      62.18
QUANZHOU URBAN CONSTRUCT      6.48   01/11/20    CNY      62.19
QUANZHOU URBAN CONSTRUCT      6.48   01/11/20    CNY      62.60
QUJING DEVELOPMENT INVES      7.25   09/06/19    CNY      62.55
QUJING DEVELOPMENT INVES      7.25   09/06/19    CNY      62.89
RUDONG COUNTY DONGTAI SO      7.10   01/31/18    CNY      51.04
RUDONG COUNTY DONGTAI SO      7.45   09/24/19    CNY      61.76
RUDONG COUNTY DONGTAI SO      7.45   09/24/19    CNY      62.00
RUGAO COMMUNICATIONS CON      8.51   01/26/19    CNY      52.53
RUGAO COMMUNICATIONS CON      6.70   02/01/20    CNY      61.64
RUGAO COMMUNICATIONS CON      6.70   02/01/20    CNY      63.00
RUIAN STATE OWNED ASSET       6.93   11/26/19    CNY      62.66
RUIAN STATE OWNED ASSET       6.93   11/26/19    CNY      62.06
SANMENXIA CITY FINANCIAL      6.68   01/29/20    CNY      61.49
SANMENXIA CITY FINANCIAL      6.68   01/29/20    CNY      61.84
SANMING STATE-OWNED ASSE      6.92   12/05/19    CNY      62.26
SANMING STATE-OWNED ASSE      6.99   06/14/18    CNY      71.26
SHANGHAI CHENGTOU CORP        4.63   07/30/19    CNY      59.93
SHANGHAI JIADING INDUSTR      6.71   10/10/18    CNY      50.85
SHANGHAI JIADING INDUSTR      6.71   10/10/18    CNY      50.86
SHANGHAI JINSHAN URBAN C      6.60   12/21/19    CNY      61.38
SHANGHAI JINSHAN URBAN C      6.60   12/21/19    CNY      61.65
SHANGHAI MINHANG URBAN C      6.48   10/23/19    CNY      61.65
SHANGHAI MINHANG URBAN C      6.48   10/23/19    CNY      62.10
SHANGHAI REAL ESTATE GRO      6.12   05/17/17    CNY      39.88
SHANGHAI SONGJIANG TOWN       6.28   08/15/18    CNY      50.80
SHANGHAI URBAN CONSTRUCT      5.25   11/30/19    CNY      61.14
SHANGQIU DEVELOPMENT INV      6.60   01/15/20    CNY      61.72
SHANGRAO CITY CONSTRUCTI      7.30   09/10/19    CNY      61.81
SHANGRAO CITY CONSTRUCTI      7.30   09/10/19    CNY      62.48
SHANGYU COMMUNICATIONS I      6.70   09/11/19    CNY      61.94
SHANGYU COMMUNICATIONS I      6.70   09/11/19    CNY      62.50
SHAOGUAN JINYE DEVELOPME      7.30   10/18/19    CNY      62.10
SHAOGUAN JINYE DEVELOPME      7.30   10/18/19    CNY      62.13
SHAOXING CHENGBEI XINCHE      6.21   06/11/18    CNY      50.59
SHAOXING CHENGZHONGCUN R      6.50   01/24/20    CNY      61.61
SHAOXING CHENGZHONGCUN R      6.50   01/24/20    CNY      82.30
SHAOXING HI-TECH INDUSTR      6.75   12/05/18    CNY      51.20
SHAOXING PAOJIANG INDUST      6.90   10/31/19    CNY      61.82
SHAOXING URBAN CONSTRUCT      6.40   11/09/19    CNY      61.83
SHAOYANG CITY CONSTRUCTI      7.40   09/11/18    CNY      50.00
SHAOYANG CITY CONSTRUCTI      7.40   09/11/18    CNY      51.08
SHENYANG HEPING DISTRICT      6.85   11/13/19    CNY      61.70
SHENYANG MACHINE TOOL CO      6.50   04/09/20    CNY      69.51
SHISHI STATE OWNED INVES      7.40   09/13/19    CNY      61.66
SHIYAN CITY INFRASTRUCTU      7.98   04/20/19    CNY      62.28
SHOUGUANG JINCAI STATE-O      6.70   10/23/19    CNY      61.61
SHOUGUANG JINCAI STATE-O      6.70   10/23/19    CNY      61.85
SHUANGYASHAN DADI CITY C      6.55   12/25/19    CNY      61.18
SHUANGYASHAN DADI CITY C      6.55   12/25/19    CNY      81.49
SHUYANG JINGYUAN ASSET O      6.50   12/03/19    CNY      61.27
SHUYANG JINGYUAN ASSET O      6.50   12/03/19    CNY      61.38
SICHUAN DEVELOPMENT HOLD      5.40   11/10/17    CNY      30.22
SONGYUAN URBAN DEVELOPME      7.30   08/29/19    CNY      60.68
SONGYUAN URBAN DEVELOPME      7.30   08/29/19    CNY      61.69
SUIZHOU DEVELOPMENT INVE      7.50   08/22/19    CNY      62.12
SUQIAN ECONOMIC DEVELOPM      7.50   03/26/19    CNY      61.49
SUQIAN ECONOMIC DEVELOPM      7.50   03/26/19    CNY      61.55
SUQIAN WATER GROUP CO         6.55   12/04/19    CNY      61.90
SUQIAN WATER GROUP CO         6.55   12/04/19    CNY      62.07
SUZHOU CITY CONSTRUCTION      7.45   03/12/19    CNY      61.54
SUZHOU FENHU INVESTMENT       7.00   10/22/17    CNY      50.52
SUZHOU INDUSTRIAL PARK T      5.79   05/30/19    CNY      60.80
SUZHOU INDUSTRIAL PARK T      5.79   05/30/19    CNY      61.50
SUZHOU TECH CITY DEVELOP      7.32   11/01/18    CNY      51.36
SUZHOU URBAN CONSTRUCTIO      5.79   10/25/19    CNY      61.43
SUZHOU URBAN CONSTRUCTIO      5.79   10/25/19    CNY      61.45
SUZHOU WUJIANG COMMUNICA      6.80   10/31/20    CNY      73.40
SUZHOU WUJIANG EASTERN S      8.05   12/05/18    CNY      72.87
SUZHOU WUJIANG EASTERN S      8.05   12/05/18    CNY      73.38
SUZHOU XIANGCHENG URBAN       6.95   09/03/19    CNY      61.49
SUZHOU XIANGCHENG URBAN       6.95   09/03/19    CNY      62.10
TAIAN CITY TAISHAN INVES      6.76   01/25/20    CNY      61.84
TAIAN CITY TAISHAN INVES      6.76   01/25/20    CNY      62.38
TAICANG ASSET MANAGEMENT      8.25   12/31/18    CNY      73.11
TAICANG ASSET MANAGEMENT      8.25   12/31/18    CNY      73.13
TAICANG HENGTONG INVESTM      7.45   10/30/19    CNY      62.38
TAICANG URBAN CONSTRUCTI      6.75   01/11/20    CNY      61.79
TAICANG URBAN CONSTRUCTI      6.75   01/11/20    CNY      62.19
TAIXING ZHONGXING STATE-      8.29   03/27/18    CNY      51.05
TAIXING ZHONGXING STATE-      8.29   03/27/18    CNY      51.07
TAIYUAN HIGH-SPEED RAILW      6.50   10/30/20    CNY      72.72
TAIYUAN LONGCHENG DEVELO      6.50   09/25/19    CNY      61.44
TAIZHOU CITY HUANGYAN DI      6.85   12/17/18    CNY      50.61
TAIZHOU CITY HUANGYAN DI      6.85   12/17/18    CNY      50.96
TAIZHOU HAILING ASSETS M      8.52   03/21/19    CNY      61.66
TAIZHOU HAILING ASSETS M      8.52   03/21/19    CNY      62.10
TAIZHOU JIAOJIANG STATE       7.46   09/13/20    CNY      74.16
TAIZHOU XINTAI GROUP CO       6.85   08/14/18    CNY      50.81
TAIZHOU XINTAI GROUP CO       6.85   08/14/18    CNY      51.10
TANGSHAN NANHU ECO CITY       7.08   10/16/19    CNY      61.83
TANGSHAN NANHU ECO CITY       7.08   10/16/19    CNY      80.51
TENGZHOU CITY STATE-OWNE      6.45   05/24/18    CNY      60.00
TIANJIN BINHAI NEW AREA       5.00   03/13/18    CNY      70.41
TIANJIN BINHAI NEW AREA       5.00   03/13/18    CNY      70.89
TIANJIN DONGFANG CAIXIN       7.99   11/23/18    CNY      73.13
TIANJIN ECO-CITY INVESTM      6.76   08/14/19    CNY      60.95
TIANJIN ECO-CITY INVESTM      6.76   08/14/19    CNY      61.19
TIANJIN ECONOMIC TECHNOL      6.20   12/03/19    CNY      61.45
TIANJIN ECONOMIC TECHNOL      6.20   12/03/19    CNY      61.59
TIANJIN HANBIN INVESTMEN      8.39   03/22/19    CNY      62.01
TIANJIN HI-TECH INDUSTRY      7.80   03/27/19    CNY      61.96
TIANJIN HI-TECH INDUSTRY      7.80   03/27/19    CNY      62.90
TIANJIN JINNAN CITY CONS      6.95   06/18/19    CNY      61.07
TIANJIN JINNAN CITY CONS      6.95   06/18/19    CNY      63.00
TIELING PUBLIC ASSETS IN      7.34   05/29/18    CNY      50.83
TIELING PUBLIC ASSETS IN      7.34   05/29/18    CNY      50.92
TIGER FOREST & PAPER GRO      5.38   06/14/17    CNY      59.14
TONGCHUAN DEVELOPMENT IN      7.50   07/17/19    CNY      60.75
TONGLIAO TIANCHENG URBAN      7.75   09/24/19    CNY      62.07
TONGLIAO URBAN INVESTMEN      5.98   09/01/17    CNY      39.93
TONGREN FANJINGSHAN INVE      6.89   08/02/19    CNY      61.79
URUMQI CITY CONSTRUCTION      6.35   07/09/19    CNY      61.55
URUMQI ECO&TECH DEVELOPM      8.58   01/10/19    CNY      52.22
URUMQI STATE-OWNED ASSET      6.48   04/28/18    CNY      50.76
URUMQI STATE-OWNED ASSET      6.48   04/28/18    CNY      51.60
WAFANGDIAN STATE-OWNED A      8.55   04/19/19    CNY      62.19
WEIFANG DONGXIN CONSTRUC      6.88   11/20/19    CNY      61.78
WEIFANG DONGXIN CONSTRUC      6.88   11/20/19    CNY      61.84
WEINAN CITY INVESTMENT G      6.69   01/15/20    CNY      60.76
WEINAN CITY INVESTMENT G      6.69   01/15/20    CNY      61.52
WENLING CITY STATE OWNED      7.18   09/18/19    CNY      61.72
WENZHOU ANJUFANG CITY DE      7.65   04/24/19    CNY      61.68
WENZHOU ECONOMIC-TECHNOL      6.49   01/15/20    CNY      60.53
WENZHOU ECONOMIC-TECHNOL      6.49   01/15/20    CNY      61.89
WUHAI CITY CONSTRUCTION       8.20   03/31/19    CNY      61.05
WUHAI CITY CONSTRUCTION       8.20   03/31/19    CNY      61.61
WUHAN METRO GROUP CO LTD      5.70   02/04/20    CNY      61.50
WUHAN METRO GROUP CO LTD      5.70   02/04/20    CNY      61.68
WUHU ECONOMIC TECHNOLOGY      6.70   06/08/18    CNY      51.10
WUHU ECONOMIC TECHNOLOGY      6.70   06/08/18    CNY      51.10
WUHU XINMA INVESTMENT CO      7.18   11/14/19    CNY      61.82
WUHU XINMA INVESTMENT CO      7.18   11/14/19    CNY      61.82
WUJIANG ECONOMIC TECHNOL      6.88   12/27/19    CNY      61.73
WUJIANG ECONOMIC TECHNOL      6.88   12/27/19    CNY      62.06
WUXI MUNICIPAL CONSTRUCT      6.60   09/17/19    CNY      61.66
WUXI MUNICIPAL CONSTRUCT      6.60   09/17/19    CNY      61.70
WUXI TAIHU INTERNATIONAL      7.60   09/17/19    CNY      62.20
WUXI XIDONG NEW TOWN CON      6.65   01/28/20    CNY      61.45
WUXI XIDONG NEW TOWN CON      6.65   01/28/20    CNY      61.55
WUXI XIDONG TECHNOLOGY I      5.98   10/26/18    CNY      71.77
WUZHOU DONGTAI STATE-OWN      7.40   09/03/19    CNY      62.21
XI'AN AEROSPACE BASE INV      6.96   11/08/19    CNY      62.01
XIAN CHANBAHE DEVELOPMEN      6.89   08/03/19    CNY      61.54
XIANGTAN CITY CONSTRUCTI      8.00   03/16/19    CNY      61.58
XIANGTAN CITY CONSTRUCTI      8.00   03/16/19    CNY      63.00
XIANGTAN HI-TECH GROUP C      6.90   01/15/20    CNY      61.89
XIANGTAN JIUHUA ECONOMIC      7.43   08/29/19    CNY      62.09
XIANGYANG CITY CONSTRUCT      8.12   01/12/19    CNY      41.65
XIANGYANG CITY CONSTRUCT      8.12   01/12/19    CNY      41.91
XIANNING CITY CONSTRUCTI      7.50   08/31/18    CNY      51.30
XIANYANG MUNICIPAL CONST      7.90   12/09/17    CNY      41.09
XIAOGAN URBAN CONSTRUCTI      8.12   03/26/19    CNY      62.08
XINGHUA URBAN CONSTRUCTI      7.25   10/23/18    CNY      51.78
XINING CITY INVESTMENT &      7.70   04/27/19    CNY      61.94
XINING CITY INVESTMENT &      7.70   04/27/19    CNY      62.00
XINJIANG SHIHEZI DEVELOP      7.50   08/29/18    CNY      49.33
XINJIANG UYGUR AR HAMI Z      6.25   07/17/18    CNY      51.70
XINXIANG INVESTMENT GROU      6.80   01/18/18    CNY      40.66
XINYANG HUAXIN INVESTMEN      6.95   06/14/19    CNY      61.38
XINYANG HUAXIN INVESTMEN      6.95   06/14/19    CNY      61.40
XINYU CITY CONSTRUCTION       7.08   12/13/19    CNY      61.69
XINYU CITY CONSTRUCTION       7.08   12/13/19    CNY      82.00
XINZHOU CITY ASSET MANAG      7.39   08/08/18    CNY      50.86
XUCHANG GENERAL INVESTME      7.78   04/27/19    CNY      61.93
XUZHOU ECONOMIC TECHNOLO      8.20   03/07/19    CNY      60.35
XUZHOU ECONOMIC TECHNOLO      8.20   03/07/19    CNY      62.66
XUZHOU XINSHENG CONSTRUC      7.48   05/08/18    CNY      50.78
XUZHOU XINSHENG CONSTRUC      7.48   05/08/18    CNY      51.35
YAAN STATE-OWNED ASSET O      7.39   07/04/19    CNY      62.62
YANCHENG CITY DAFENG DIS      7.08   12/13/19    CNY      61.91
YANCHENG CITY DAFENG DIS      7.08   12/13/19    CNY      63.00
YANCHENG ORIENTAL INVEST      5.75   06/08/17    CNY      49.89
YANCHENG ORIENTAL INVEST      6.99   10/26/19    CNY      62.01
YANCHENG SOUTH DISTRICT       6.93   10/26/19    CNY      62.10
YANCHENG SOUTH DISTRICT       6.93   10/26/19    CNY      62.50
YANGZHONG URBAN CONSTRUC      7.10   03/26/18    CNY      70.91
YANGZHOU URBAN CONSTRUCT      6.30   07/26/19    CNY      61.15
YANGZHOU URBAN CONSTRUCT      6.30   07/26/19    CNY      61.60
YIBIN STATE-OWNED ASSET       5.80   05/23/18    CNY      70.86
YICHANG MUNICIPAL FINANC      7.12   10/16/19    CNY      62.17
YICHANG URBAN CONSTRUCTI      6.85   11/08/19    CNY      61.54
YICHANG URBAN CONSTRUCTI      6.85   11/08/19    CNY      62.07
YICHUN CITY CONSTRUCTION      7.35   07/24/19    CNY      60.73
YIJINHUOLUOQI HONGTAI CI      8.35   03/19/19    CNY      59.22
YIJINHUOLUOQI HONGTAI CI      8.35   03/19/19    CNY      60.06
YILI STATE-OWNED ASSET I      6.70   11/19/18    CNY      51.16
YILI STATE-OWNED ASSET I      6.70   11/19/18    CNY      52.09
YINCHUAN URBAN CONSTRUCT      6.28   03/09/17    CNY      25.03
YINGKOU CITY CONSTRUCTIO      7.98   04/18/20    CNY      73.37
YINGKOU COASTAL DEVELOPM      7.08   11/16/19    CNY      61.16
YINGKOU COASTAL DEVELOPM      7.08   11/16/19    CNY      61.48
YIXING CITY DEVELOPMENT       6.90   10/10/19    CNY      61.71
YIXING CITY DEVELOPMENT       6.90   10/10/19    CNY      61.73
YIYANG CITY CONSTRUCTION      7.36   08/24/19    CNY      61.84
YIZHENG CITY CONSTRUCTIO      7.78   06/14/19    CNY      62.01
YIZHENG CITY CONSTRUCTIO      7.78   06/14/19    CNY      62.40
YUHUAN COUNTY COMMUNICAT      7.15   10/12/19    CNY      61.83
YULIN CITY INVESTMENT OP      6.81   12/04/18    CNY      51.01
YULIN URBAN CONSTRUCTION      6.88   11/26/19    CNY      61.78
YULIN URBAN CONSTRUCTION      6.88   11/26/19    CNY      61.94
YUNCHENG URBAN CONSTRUCT      7.48   10/15/19    CNY      62.18
YUNNAN PROVINCIAL INVEST      5.25   08/24/17    CNY      40.20
YUNNAN PROVINCIAL INVEST      5.25   08/24/17    CNY      40.21
YUYAO WATER RESOURCE INV      7.20   10/16/19    CNY      62.31
ZHANGJIAGANG JINCHENG IN      6.23   01/06/18    CNY      30.32
ZHANGJIAGANG MUNICIPAL P      6.43   11/27/19    CNY      61.69
ZHANGJIAJIE ECONOMIC DEV      7.40   10/18/19    CNY      62.23
ZHANGJIAKOU CONSTRUCTION      7.00   10/26/19    CNY      62.02
ZHANGJIAKOU TONGTAI HOLD      6.90   07/05/18    CNY      71.37
ZHAOYUAN STATE-OWNED ASS      6.64   12/31/19    CNY      62.04
ZHEJIANG HUZHOU HUANTAIH      6.70   11/28/19    CNY      62.70
ZHEJIANG JIASHAN ECONOMI      7.05   12/03/19    CNY      62.08
ZHEJIANG JIASHAN ECONOMI      7.05   12/03/19    CNY      84.43
ZHEJIANG PROVINCE DEQING      6.90   04/12/18    CNY      70.94
ZHENGZHOU CITY CONSTRUCT      6.37   12/03/19    CNY      62.00
ZHENGZHOU CITY CONSTRUCT      6.37   12/03/19    CNY      62.20
ZHENJIANG CULTURE AND TO      5.86   05/06/17    CNY      50.00
ZHENJIANG CULTURE AND TO      5.86   05/06/17    CNY      50.38
ZHENJIANG CULTURE AND TO      6.60   01/30/20    CNY      61.06
ZHENJIANG TRANSPORTATION      7.29   05/08/19    CNY      61.09
ZHENJIANG TRANSPORTATION      7.29   05/08/19    CNY      61.45
ZHONGSHAN TRANSPORTATION      6.65   08/28/18    CNY      50.80
ZHONGSHAN TRANSPORTATION      6.65   08/28/18    CNY      51.20
ZHOUSHAN DINGHAI STATE-O      7.25   08/31/20    CNY      73.11
ZHOUSHAN DINGHAI STATE-O      7.25   08/31/20    CNY      73.23
ZHUCHENG ECONOMIC DEVELO      7.50   08/25/18    CNY      30.62
ZHUCHENG ECONOMIC DEVELO      6.40   04/26/18    CNY      40.46
ZHUCHENG ECONOMIC DEVELO      6.40   04/26/18    CNY      40.52
ZHUCHENG ECONOMIC DEVELO      6.80   11/29/19    CNY      61.73
ZHUCHENG ECONOMIC DEVELO      6.80   11/29/19    CNY      62.08
ZHUHAI HUAFA GROUP CO LT      8.43   02/16/18    CNY      50.79
ZHUHAI HUAFA GROUP CO LT      8.43   02/16/18    CNY      50.84
ZHUJI CITY CONSTRUCTION       6.92   12/19/19    CNY      62.06
ZHUJI CITY CONSTRUCTION       6.92   07/05/18    CNY      71.46
ZHUJI CITY CONSTRUCTION       6.92   07/05/18    CNY      71.75
ZHUMADIAN INVESTMENT CO       6.95   11/26/19    CNY      62.03
ZHUZHOU GECKOR GROUP CO       7.50   09/10/19    CNY      62.22
ZHUZHOU GECKOR GROUP CO       7.50   09/10/19    CNY      62.72
ZHUZHOU GECKOR GROUP CO       7.82   08/18/18    CNY      71.91
ZHUZHOU YUNLONG DEVELOPM      6.78   11/19/19    CNY      61.87
ZHUZHOU YUNLONG DEVELOPM      6.78   11/19/19    CNY      82.00
ZIBO CITY PROPERTY CO LT      5.45   04/27/19    CNY      36.06
ZIBO CITY PROPERTY CO LT      6.83   08/22/19    CNY      61.49
ZIGONG STATE-OWNED ASSET      6.86   06/17/18    CNY      70.99
ZIYANG CITY CONSTRUCTION      7.58   01/09/19    CNY      51.26
ZOUCHENG CITY ASSET OPER      7.02   01/12/18    CNY      20.32
ZOUPING COUNTY STATE-OWN      6.98   04/27/18    CNY      70.15
ZOUPING COUNTY STATE-OWN      6.98   04/27/18    CNY      70.68
ZUNYI INVESTMENT GROUP L      8.53   03/13/19    CNY      62.50
ZUNYI ROAD & BRIDGE ENGI      7.15   08/17/20    CNY      62.80
ZUNYI ROAD & BRIDGE ENGI      7.15   08/17/20    CNY      74.00
ZUNYI STATE-OWNED ASSET       6.98   12/26/19    CNY      62.10


HONG KONG
---------

CHINA CITY CONSTRUCTION       5.35   07/03/17    CNY      65.15


INDONESIA
---------

BERAU COAL ENERGY TBK PT      7.25   03/13/17    USD      35.50
BERAU COAL ENERGY TBK PT      7.25   03/13/17    USD      36.05
DAVOMAS INTERNATIONAL FI     11.00   05/09/11    USD       1.24
DAVOMAS INTERNATIONAL FI     11.00   05/09/11    USD       1.24
DAVOMAS INTERNATIONAL FI     11.00   12/08/14    USD       1.24
DAVOMAS INTERNATIONAL FI     11.00   12/08/14    USD       1.24


INDIA
-----

3I INFOTECH LTD               2.50   03/31/25    USD      14.38
BLUE DART EXPRESS LTD         9.30   11/20/17    INR     10.15
BLUE DART EXPRESS LTD         9.40   11/20/18    INR     10.28
BLUE DART EXPRESS LTD         9.50   11/20/19    INR     10.39
CAPRI GLOBAL CAPITAL          9.50   02/17/20    INR      0.75
GTL INFRASTRUCTURE LTD        5.03   11/09/17    USD      29.00
JAIPRAKASH ASSOCIATES LT      5.75   09/08/17    USD      44.38
JAIPRAKASH POWER VENTURE      7.00   02/13/49    USD      21.00
JCT LTD                       2.50   04/08/11    USD      27.00
PRAKASH INDUSTRIES LTD        5.25   04/30/15    USD      20.75
PYRAMID SAIMIRA THEATRE       1.75   07/04/12    USD       1.00
REI AGRO LTD                  5.50   11/13/14    USD       1.52
REI AGRO LTD                  5.50   11/13/14    USD       1.52
SVOGL OIL GAS & ENERGY L      5.00   08/17/15    USD       1.58


JAPAN
-----

AVANSTRATE INC                5.55   10/31/17    JPY      30.50
AVANSTRATE INC                5.55   10/31/17    JPY      37.00
FUKUSHIMA BANK LTD/THE        1.19   12/05/23    JPY      72.38
MICRON MEMORY JAPAN INC       2.03   03/22/12    JPY       5.38
MICRON MEMORY JAPAN INC       2.10   11/29/12    JPY       5.38
MICRON MEMORY JAPAN INC       2.29   12/07/12    JPY       5.38
TAKATA CORP                   0.58   03/26/21    JPY      42.50
TAKATA CORP                   0.85   03/06/19    JPY      44.00
TAKATA CORP                   1.02   12/15/17    JPY      48.00


KOREA
-----

2014 KODIT CREATIVE THE       5.00   12/25/17    KRW      35.10
2014 KODIT CREATIVE THE       5.00   12/25/17    KRW      35.10
2016 KIBO 1ST SECURITIZA      5.00   09/13/18    KRW      30.63
DONGBU METAL CO LTD           5.75   04/16/20    KRW      69.18
DOOSAN CAPITAL SECURITIZ     20.00   04/22/19    KRW      50.37
EXPORT-IMPORT BANK OF KO      1.70   09/22/30    KRW      73.94
HANJIN SHIPPING CO LTD        2.00   05/23/17    KRW       3.30
HANJIN SHIPPING CO LTD        5.90   06/07/17    KRW       4.13
HYUNDAI MERCHANT MARINE       1.00   07/07/21    KRW      50.88
HYUNDAI MERCHANT MARINE       1.00   04/07/21    KRW      53.00
KIBO ABS SPECIALTY CO LT     10.00   08/22/17    KRW      24.58
KIBO ABS SPECIALTY CO LT      5.00   02/25/19    KRW      29.17
KIBO ABS SPECIALTY CO LT      5.00   12/25/17    KRW      33.19
KIBO ABS SPECIALTY CO LT      5.00   03/29/18    KRW      33.67
KOREA SOUTH-EAST POWER C      4.38   12/07/42    KRW      53.68
KOREA SOUTH-EAST POWER C      4.44   12/07/42    KRW      54.04
LSMTRON DONGBANGSEONGJAN      4.53   11/22/17    KRW      34.18
MERITZ CAPITAL CO LTD         5.44   09/29/46    KRW      35.24
OKC SECURITIZATION SPECI     10.00   01/03/20    KRW      28.86
SHINHAN BANK                  3.83   12/08/31    KRW      71.17
SHINHAN BANK                  3.83   12/08/31    KRW      71.17
SINBO SECURITIZATION SPE      5.00   10/30/19    KRW      18.48
SINBO SECURITIZATION SPE      5.00   02/25/20    KRW      26.97
SINBO SECURITIZATION SPE      5.00   01/28/20    KRW      27.06
SINBO SECURITIZATION SPE      5.00   12/30/19    KRW      27.23
SINBO SECURITIZATION SPE      5.00   09/30/19    KRW      28.14
SINBO SECURITIZATION SPE      5.00   08/27/19    KRW      28.57
SINBO SECURITIZATION SPE      5.00   07/29/19    KRW      28.85
SINBO SECURITIZATION SPE      5.00   03/13/19    KRW      28.95
SINBO SECURITIZATION SPE      5.00   06/25/19    KRW      29.21
SINBO SECURITIZATION SPE      5.00   03/18/19    KRW      30.26
SINBO SECURITIZATION SPE      5.00   03/18/19    KRW      30.26
SINBO SECURITIZATION SPE      5.00   02/27/19    KRW      30.49
SINBO SECURITIZATION SPE      5.00   02/27/19    KRW      30.49
SINBO SECURITIZATION SPE      5.00   01/30/19    KRW      30.72
SINBO SECURITIZATION SPE      5.00   01/30/19    KRW      30.72
SINBO SECURITIZATION SPE      5.00   12/23/18    KRW      31.09
SINBO SECURITIZATION SPE      5.00   12/23/18    KRW      31.09
SINBO SECURITIZATION SPE      5.00   07/29/18    KRW      31.11
SINBO SECURITIZATION SPE      5.00   06/25/18    KRW      31.45
SINBO SECURITIZATION SPE      5.00   05/26/18    KRW      31.72
SINBO SECURITIZATION SPE      5.00   09/26/18    KRW      32.05
SINBO SECURITIZATION SPE      5.00   09/26/18    KRW      32.05
SINBO SECURITIZATION SPE      5.00   09/26/18    KRW      32.05
SINBO SECURITIZATION SPE      5.00   08/29/18    KRW      32.30
SINBO SECURITIZATION SPE      5.00   08/29/18    KRW      32.30
SINBO SECURITIZATION SPE      5.00   06/07/17    KRW      32.43
SINBO SECURITIZATION SPE      5.00   06/07/17    KRW      32.43
SINBO SECURITIZATION SPE      5.00   07/24/18    KRW      32.86
SINBO SECURITIZATION SPE      5.00   07/24/18    KRW      32.86
SINBO SECURITIZATION SPE      5.00   06/27/18    KRW      33.10
SINBO SECURITIZATION SPE      5.00   06/27/18    KRW      33.10
SINBO SECURITIZATION SPE      5.00   12/23/17    KRW      33.21
SINBO SECURITIZATION SPE      5.00   03/12/18    KRW      33.83
SINBO SECURITIZATION SPE      5.00   03/12/18    KRW      33.83
SINBO SECURITIZATION SPE      5.00   02/11/18    KRW      34.09
SINBO SECURITIZATION SPE      5.00   02/11/18    KRW      34.09
SINBO SECURITIZATION SPE      5.00   01/15/18    KRW      34.63
SINBO SECURITIZATION SPE      5.00   01/15/18    KRW      34.63
SINBO SECURITIZATION SPE      5.00   10/01/17    KRW      35.37
SINBO SECURITIZATION SPE      5.00   10/01/17    KRW      35.37
SINBO SECURITIZATION SPE      5.00   10/01/17    KRW      35.37
SINBO SECURITIZATION SPE      5.00   07/24/17    KRW      35.79
SINBO SECURITIZATION SPE      5.00   08/16/17    KRW      35.85
SINBO SECURITIZATION SPE      5.00   08/16/17    KRW      35.85
SINBO SECURITIZATION SPE      5.00   07/08/17    KRW      38.73
SINBO SECURITIZATION SPE      5.00   07/08/17    KRW      38.73
SINBO SECURITIZATION SPE      5.00   03/13/17    KRW      62.32
SINBO SECURITIZATION SPE      5.00   03/13/17    KRW      62.32
SINBO SECURITIZATION SPE      5.00   02/21/17    KRW      73.07
SINBO SECURITIZATION SPE      5.00   02/21/17    KRW      73.07
TONGYANG CEMENT & ENERGY      7.50   09/10/14    KRW      71.00
TONGYANG CEMENT & ENERGY      7.50   04/20/14    KRW      71.00
TONGYANG CEMENT & ENERGY      7.30   06/26/15    KRW      71.00
TONGYANG CEMENT & ENERGY      7.30   04/12/15    KRW      71.00
TONGYANG CEMENT & ENERGY      7.50   07/20/14    KRW      71.00
U-BEST SECURITIZATION SP      5.50   11/16/17    KRW      35.78
WOONGJIN ENERGY CO LTD        3.00   12/19/19    KRW      59.61
WOORI BANK                    5.21   12/12/44    KRW     352.69


SRI LANKA
---------

SRI LANKA GOVERNMENT BON      5.35   03/01/26    LKR      60.84
SRI LANKA GOVERNMENT BON      6.00   12/01/24    LKR      66.87
SRI LANKA GOVERNMENT BON      8.00   01/01/32    LKR      67.56
SRI LANKA GOVERNMENT BON      9.00   06/01/43    LKR      71.87
SRI LANKA GOVERNMENT BON      9.00   11/01/33    LKR      73.80
SRI LANKA GOVERNMENT BON      9.00   06/01/33    LKR      74.21
SRI LANKA GOVERNMENT BON      9.00   10/01/32    LKR      74.65


MALAYSIA
--------

ADVANCE SYNERGY BHD           2.00   01/26/18    MYR       0.07
BARAKAH OFFSHORE PETROLE      3.50   10/24/18    MYR       0.65
BERJAYA CORP BHD              2.00   05/29/26    MYR       0.38
BERJAYA CORP BHD              5.00   04/22/22    MYR       0.52
BIMB HOLDINGS BHD             1.50   12/12/23    MYR      74.81
BRIGHT FOCUS BHD              2.50   01/22/31    MYR      72.53
ELK-DESA RESOURCES BHD        3.25   04/14/22    MYR       0.95
HIAP TECK VENTURE BHD         5.00   06/27/21    MYR       0.34
I-BHD                         2.50   10/09/19    MYR       0.46
IRE-TEX CORP BHD              1.00   06/10/19    MYR       0.04
LAND & GENERAL BHD            1.00   09/24/18    MYR       0.20
MALTON BHD                    6.00   06/30/18    MYR       1.03
PERWAJA HOLDINGS BHD          7.00   03/26/19    MYR       0.04
PUC FOUNDER MSC BHD           4.00   02/15/19    MYR       0.05
REDTONE INTERNATIONAL BH      2.75   03/04/20    MYR       0.15
SEE HUP CONSOLIDATED BHD      4.60   12/22/17    MYR       0.16
SENAI-DESARU EXPRESSWAY       1.35   06/30/31    MYR      53.47
SENAI-DESARU EXPRESSWAY       1.35   12/31/30    MYR      54.72
SENAI-DESARU EXPRESSWAY       1.35   06/28/30    MYR      56.08
SENAI-DESARU EXPRESSWAY       1.35   12/31/29    MYR      57.43
SENAI-DESARU EXPRESSWAY       1.35   06/29/29    MYR      58.85
SENAI-DESARU EXPRESSWAY       1.35   12/29/28    MYR      60.27
SENAI-DESARU EXPRESSWAY       1.35   06/30/28    MYR      61.70
SENAI-DESARU EXPRESSWAY       1.35   12/31/27    MYR      63.09
SENAI-DESARU EXPRESSWAY       1.35   06/30/27    MYR      64.42
SENAI-DESARU EXPRESSWAY       1.35   12/31/26    MYR      65.80
SENAI-DESARU EXPRESSWAY       1.35   06/30/26    MYR      67.18
SENAI-DESARU EXPRESSWAY       0.50   12/31/38    MYR      68.34
SENAI-DESARU EXPRESSWAY       1.35   12/31/25    MYR      68.59
SENAI-DESARU EXPRESSWAY       1.15   06/30/25    MYR      68.66
SENAI-DESARU EXPRESSWAY       0.50   12/30/39    MYR      69.68
SENAI-DESARU EXPRESSWAY       1.15   12/31/24    MYR      70.13
SENAI-DESARU EXPRESSWAY       0.50   12/31/40    MYR      70.64
SENAI-DESARU EXPRESSWAY       0.50   12/31/41    MYR      71.47
SENAI-DESARU EXPRESSWAY       1.15   06/28/24    MYR      71.67
SENAI-DESARU EXPRESSWAY       0.50   12/31/42    MYR      72.51
SENAI-DESARU EXPRESSWAY       1.15   12/29/23    MYR      73.22
SENAI-DESARU EXPRESSWAY       0.50   12/31/43    MYR      73.35
SENAI-DESARU EXPRESSWAY       0.50   12/30/44    MYR      74.11
SENAI-DESARU EXPRESSWAY       0.50   12/29/45    MYR      74.79
SENAI-DESARU EXPRESSWAY       1.15   06/30/23    MYR      74.80
SOUTHERN STEEL BHD            5.00   01/24/20    MYR       1.27
THONG GUAN INDUSTRIES BH      5.00   10/10/19    MYR       4.36
UNIMECH GROUP BHD             5.00   09/18/18    MYR       1.07
VIZIONE HOLDINGS BHD          3.00   08/08/21    MYR       0.05
YTL LAND & DEVELOPMENT B      3.00   10/31/21    MYR       0.47


PHILIPPINES
-----------

BAYAN TELECOMMUNICATIONS     13.50   07/15/06    USD      22.75
BAYAN TELECOMMUNICATIONS     13.50   07/15/06    USD      22.75


SINGAPORE
---------

ASL MARINE HOLDINGS LTD       5.35   10/01/21    SGD      51.25
ASL MARINE HOLDINGS LTD       4.75   03/28/20    SGD      70.00
AUSGROUP LTD                  7.95   10/20/18    SGD      66.25
BAKRIE TELECOM PTE LTD       11.50   05/07/15    USD       0.25
BAKRIE TELECOM PTE LTD       11.50   05/07/15    USD       1.65
BERAU CAPITAL RESOURCES      12.50   07/08/15    USD      33.50
BERAU CAPITAL RESOURCES      12.50   07/08/15    USD      34.04
BLD INVESTMENTS PTE LTD       8.63   03/23/15    USD       4.69
BUMI CAPITAL PTE LTD         12.00   11/10/16    USD      56.76
BUMI CAPITAL PTE LTD         12.00   11/10/16    USD      57.13
BUMI INVESTMENT PTE LTD      10.75   10/06/17    USD      55.52
BUMI INVESTMENT PTE LTD      10.75   10/06/17    USD      57.38
ENERCOAL RESOURCES PTE L      9.25   08/05/14    USD      46.75
EZION HOLDINGS LTD            4.88   06/11/21    SGD      53.50
EZION HOLDINGS LTD            5.10   03/13/20    SGD      62.38
EZION HOLDINGS LTD            4.70   05/22/19    SGD      71.50
EZION HOLDINGS LTD            4.85   01/23/19    SGD      74.48
EZRA HOLDINGS LTD             4.88   04/24/18    SGD      28.00
FALCON ENERGY GROUP LTD       5.50   09/19/17    SGD      70.00
INDO INFRASTRUCTURE GROU      2.00   07/30/10    USD       1.00
INTERNATIONAL HEALTHWAY       7.00   04/27/17    SGD      71.38
INTERNATIONAL HEALTHWAY       6.00   02/06/18    SGD      72.63
NEPTUNE ORIENT LINES LTD      4.40   06/22/21    SGD      69.75
NEPTUNE ORIENT LINES LTD      4.65   09/09/20    SGD      73.50
ORO NEGRO DRILLING PTE L      7.50   01/24/19    USD      65.00
OSA GOLIATH PTE LTD          12.00   10/09/18    USD      62.63
PACIFIC INTERNATIONAL LI      7.25   11/16/18    SGD      72.38
PACIFIC RADIANCE LTD          4.30   08/29/18    SGD      45.00
RICKMERS MARITIME             8.45   05/15/17    SGD      21.25
SWIBER CAPITAL PTE LTD        6.50   08/02/18    SGD       5.00
SWIBER CAPITAL PTE LTD        6.25   10/30/17    SGD       5.00
SWIBER HOLDINGS LTD           5.55   10/10/16    SGD       5.00
SWIBER HOLDINGS LTD           7.75   09/18/17    CNY       9.00
TRIKOMSEL PTE LTD             5.25   05/10/16    SGD      17.63
TRIKOMSEL PTE LTD             7.88   06/05/17    SGD      18.00


THAILAND
--------

G STEEL PCL                   3.00   10/04/15    USD       3.00
MDX PCL                       4.75   09/17/03    USD      37.75


VIETNAM
-------

DEBT AND ASSET TRADING C      1.00   10/10/25    USD      58.00
DEBT AND ASSET TRADING C      1.00   10/10/25    USD      58.16



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and
Peter A. Chapman, Editors.

Copyright 2017.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Joseph Cardillo at 856-381-8268.



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